Jones Lang LaSalle Hotels has arranged the sale of the 90-room Aspen Club Lodge to Northridge Capital, who invests funds on behalf of offshore investors. Kimpton Hotel and Restaurant Group has been selected to manage the property. IRP Aspen LLC previously owned the property.
“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,” said Thomas Fisher, Senior Vice President of Jones Lang LaSalle Hotels. “It is a strong indication that investors continue to seek resort destinations with high barriers to entry and strong and apparent upside opportunities.”
This 90-room property, located in the heart of Aspen, is steps away from the Silver Queen Gondola ski lift and popular boutique retail shops and restaurants. The resort recently underwent a $2 million renovation, which has already resulted in an increase in occupancy levels and room rates.
According to John Strauss, Vice President of Jones Lang LaSalle Hotels, considerable repositioning upside exists. “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. Furthermore, operating efficiencies, branding and the potential to lease the restaurant and bar will result in enhanced value opportunities for the new owner.”
Aspen is one of the most exclusive residential and resort markets famous for celebrity residents, luxury shopping and world-class skiing. It has become equally desirable as a summer destination through its array of outdoor activities and festivals.
Aspen`s citywide hotel supply consists of 1,335 rooms—660 of which belong to the upscale market. The average daily room rate (ADR) ranges from $125 for small inns to $450 for luxury resorts.