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Fractional ownership of an Aspen residence may be the hottest thing going, but don't expect the offseason lull to disappear as a result of the proliferation of so-called "hot beds" in the marketplace.
If occupancies in the existing fractional-ownership and timeshare properties in Aspen and Snowmass Village are any indication, early November is still going to be pretty quiet.
A number of fractional projects have been approved but are not yet built in Aspen. The timeshare Hyatt Grand Aspen, however, is scheduled to open by Christmastime. Interval-ownership arrangements, as they're known in the industry, allow buyers to own a share of a hotel-style residence or a block of time in one. They have been touted for boosting occupancies - creating "hot beds." Presumably, buyers will use their residences, having paid for them, even if one of their scheduled weeks falls in, say, November.
"That would be a reasonable assumption," Mayor Helen Klanderud said. "This is all guesswork right at this point."
But at the St. Regis Aspen, where guests stay in a combination of luxury hotel rooms and a private residence club that is being sold in fractional shares, occupancies in October and November range from 30 to 40 percent in both types of accommodations, according to Eric Boyd, reservations manager. The fractional component, the St. Regis Residence Club, isn't currently seeing greater use than the rest of the hotel.
"It's about the same, to tell you the truth," Boyd said.
At the Ritz-Carlton Club at the base of Aspen Highlands, occupancy hovered at roughly 50 percent in October, according to Tina Necrason, project director for sales and marketing.
The first of the 73 residences there opened in February 2001. Owners purchase a one-twelfth share, which gives them two weeks in the winter and one in the summer, or vice versa, plus one week to use in the spring or fall offseasons.
Occupancy levels these days are probably commensurate with other hotels, Necrason said, and offseason stays have grown in popularity - both with owners in the local club and Ritz-Carlton Club members in other locales who can arrange trades to stay at the Aspen property.
The club now typically has guests straight through the fall offseason.
"In years past, we didn't see anybody here. It was dead. We didn't see anybody for days," Necrason said.
By comparison, The Little Nell - a luxury Aspen hotel that doesn't offer ownership opportunities - sees an average occupancy of 65 percent in October, according to John Egelhoff, director of sales and marketing. Occupancy will average less than 40 percent during the first couple of weeks of November, he said.
Weekends at the 92-room hotel fill up, thanks to offseason discounts offered to locals and Front Range guests, but weekday nights are pretty quiet at this time of year, Egelhoff said.
<b>'Bodies in residence'</b>
In Snowmass, occupancies are generally higher at the Snowmass Club, The Sanctuary and at The Timbers Club - which all offer some form of shared ownership interest in upscale accommodations - than they are at other Snowmass lodging properties. Still, Snowmass is pretty much a "ghost town" at this time of year, as one resort official put it.
Average overall occupancy at lodging accommodations in Snowmass hovers at 7 to 9 percent in October. Projections for November are also at 9 percent, according to Susan Hamley, the town's marketing director.
Bookings at The Silvertree Hotel in late October and early November are "negligible," said John Quigley, vice president of sales and marketing. But the Snowmass hotel doesn't market its rooms now, either.
"It's not something we go after. The shops and restaurants, there are very few of them open," he said.
At The Timbers Club, however, October occupancy averaged about 20 percent. The first three weeks of November might hit 10 percent, said Cleve Johnson, general manager.
"Early November is probably at the bottom of the demand curve," he said.
The club contains 36 three-bedroom residences. Members each have a mix of two weeks in the summer and two in the winter at the club, and may come to stay in the offseasons as space is available. An additional offseason stay doesn't cost a member anything more than the housekeeping fee.
The Snowmass Club and The Sanctuary, a pair of fractional-ownership properties in Snowmass, consistently see higher occupancies in the offseason than the resort in general, according to Don Schuster, vice president of real estate for the Aspen Skiing Co., which had a role in developing both projects.
Owners choose weeks in the winter and summer to use their residences; the offseasons are open to those who'd like to schedule an extra stay for the price of the housekeeping.
"You know, when we [looked at] past Snowmass Village occupancies, like in May, they're in the low teens, if even that. We were at 40 percent," Schuster said. "It's still not full, but it's a substantial increase in the number of bodies in residence."
This fall, the 30 residences at The Snowmass Club and the 10 at The Sanctuary were essentially full through the third weekend in October, he said.
"You definitely see more participation than a rental property."
Janet Urquhart's e-mail address is janet@aspentimes.com
If occupancies in the existing fractional-ownership and timeshare properties in Aspen and Snowmass Village are any indication, early November is still going to be pretty quiet.
A number of fractional projects have been approved but are not yet built in Aspen. The timeshare Hyatt Grand Aspen, however, is scheduled to open by Christmastime. Interval-ownership arrangements, as they're known in the industry, allow buyers to own a share of a hotel-style residence or a block of time in one. They have been touted for boosting occupancies - creating "hot beds." Presumably, buyers will use their residences, having paid for them, even if one of their scheduled weeks falls in, say, November.
"That would be a reasonable assumption," Mayor Helen Klanderud said. "This is all guesswork right at this point."
But at the St. Regis Aspen, where guests stay in a combination of luxury hotel rooms and a private residence club that is being sold in fractional shares, occupancies in October and November range from 30 to 40 percent in both types of accommodations, according to Eric Boyd, reservations manager. The fractional component, the St. Regis Residence Club, isn't currently seeing greater use than the rest of the hotel.
"It's about the same, to tell you the truth," Boyd said.
At the Ritz-Carlton Club at the base of Aspen Highlands, occupancy hovered at roughly 50 percent in October, according to Tina Necrason, project director for sales and marketing.
The first of the 73 residences there opened in February 2001. Owners purchase a one-twelfth share, which gives them two weeks in the winter and one in the summer, or vice versa, plus one week to use in the spring or fall offseasons.
Occupancy levels these days are probably commensurate with other hotels, Necrason said, and offseason stays have grown in popularity - both with owners in the local club and Ritz-Carlton Club members in other locales who can arrange trades to stay at the Aspen property.
The club now typically has guests straight through the fall offseason.
"In years past, we didn't see anybody here. It was dead. We didn't see anybody for days," Necrason said.
By comparison, The Little Nell - a luxury Aspen hotel that doesn't offer ownership opportunities - sees an average occupancy of 65 percent in October, according to John Egelhoff, director of sales and marketing. Occupancy will average less than 40 percent during the first couple of weeks of November, he said.
Weekends at the 92-room hotel fill up, thanks to offseason discounts offered to locals and Front Range guests, but weekday nights are pretty quiet at this time of year, Egelhoff said.
<b>'Bodies in residence'</b>
In Snowmass, occupancies are generally higher at the Snowmass Club, The Sanctuary and at The Timbers Club - which all offer some form of shared ownership interest in upscale accommodations - than they are at other Snowmass lodging properties. Still, Snowmass is pretty much a "ghost town" at this time of year, as one resort official put it.
Average overall occupancy at lodging accommodations in Snowmass hovers at 7 to 9 percent in October. Projections for November are also at 9 percent, according to Susan Hamley, the town's marketing director.
Bookings at The Silvertree Hotel in late October and early November are "negligible," said John Quigley, vice president of sales and marketing. But the Snowmass hotel doesn't market its rooms now, either.
"It's not something we go after. The shops and restaurants, there are very few of them open," he said.
At The Timbers Club, however, October occupancy averaged about 20 percent. The first three weeks of November might hit 10 percent, said Cleve Johnson, general manager.
"Early November is probably at the bottom of the demand curve," he said.
The club contains 36 three-bedroom residences. Members each have a mix of two weeks in the summer and two in the winter at the club, and may come to stay in the offseasons as space is available. An additional offseason stay doesn't cost a member anything more than the housekeeping fee.
The Snowmass Club and The Sanctuary, a pair of fractional-ownership properties in Snowmass, consistently see higher occupancies in the offseason than the resort in general, according to Don Schuster, vice president of real estate for the Aspen Skiing Co., which had a role in developing both projects.
Owners choose weeks in the winter and summer to use their residences; the offseasons are open to those who'd like to schedule an extra stay for the price of the housekeeping.
"You know, when we [looked at] past Snowmass Village occupancies, like in May, they're in the low teens, if even that. We were at 40 percent," Schuster said. "It's still not full, but it's a substantial increase in the number of bodies in residence."
This fall, the 30 residences at The Snowmass Club and the 10 at The Sanctuary were essentially full through the third weekend in October, he said.
"You definitely see more participation than a rental property."
Janet Urquhart's e-mail address is janet@aspentimes.com
