The Hotel Lenado sold Thursday for $11.88 million, according to Pitkin County property records.
The buyer was listed as DCBD2 LLC. The seller was North & South Aspen LLC, which is controlled by Woody Creek resident Daniel Delano.
Delano and local resident Frank Peters opened the 13,000-square-foot boutique hotel, located at 200 S. Aspen St., in 1983. Delano said he will lease the 19-bedroom lodge from the new owners from mid-June through Labor Day. During that time, it will continue to stay open as a hotel and serve its popular breakfasts. Afterward, it will close. The hotel has a staff of 10 workers, Delano said.
“We’ve had a good long run, but it was time for us to move on,” said Delano, describing the lodge as a family-owned business. Peters also owned an interest in the hotel, he said.
Delano and Peters also once owned the historic Sardy House on Main Street, operating it as a high-end hotel and restaurant for just over 20 years before selling it for $16.25 million in November 2006.
The Hotel Lenado was in need of repair, Delano said, and its owners put it on the market last year for $15.5 million.
“At this point in our lives, it didn’t make a lot of sense to put a great deal back into it even if we had continued to own the property,” he said.
Aspen property broker Craig Morris, who represented the buyer, was out of town and could not be reached for comment Thursday.
A website marketing the sale of the property said it offers redevelopment opportunities for both residential and/or lodging, with a roofline restriction of 28 feet, or three stories.