ASPEN, CO-Northridge Capital has purchased the 90-room Aspen Club Lodge in this ritzy ski resort.
Kimpton Hotel and Restaurant Group will manage the resort, which has been sold by IRG Aspen LLC. “Given Aspen's high barriers to entry, year-round appeal and exclusive clientele, we received strong investor interest in this property from a variety of investor types including high net-worth individuals, opportunity funds, public hotel companies and well as offshore groups,” says Thomas Fisher, senior vice President of Jones Lang LaSalle Hotels, which has handled the sale. “It is a strong indication that investors continue to seek resort destinations with high barriers to entry and strong and apparent upside opportunities.”
The resort in the heart of Aspen is steps away from the Silver Queen Gondola ski lift and a number of boutiques and restaurants. The resort recently had undergone a $2-million renovation, which has already resulted in an increase in occupancy levels and room rates.
“Aspen Club Lodge's intimate setting, 'ground zero' location and recent renovation will enable the property to further penetrate its competitive market in terms of average daily rate and occupancy,” says John Strauss, vice president of Jones Lang LaSalle Hotels. “Furthermore, operating efficiencies, branding and the potential to lease the restaurant and bar will result inenhanced value opportunities for the new owner.”
Aspen's citywide hotel supply consists of 1,335 rooms, 660 of which belong to the upscale market. The average daily room rate ranges from $125 for small inns to $450 for luxury resorts. Jones Lang LaSalle Hotels, during the past two years sold 13,994 hotels rooms in 48 cities for a total of $1.4 billion.
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