Breaking news: Aspen Skico to purchase Limelight Lodge
Aspen, CO Colorado
ASPEN – The Aspen Skiing Co. will purchase the Limelight Lodge in Aspen from the local family that has run the establishment since the 1960s, the company announced Tuesday.
The property, redeveloped from the ground up in 2008, is under contract. The sale will be finalized in March, at which time the Skico will assume day-to-day management of the Monarch Street lodge, the company said. The terms of the sale were not revealed in the announcement.
“We believe the Crown family and Aspen Skiing Co. are the ideal group to carry on the Limelight legacy,” said Limelight owner Dale Paas in a press released issued by the Skico. The Crown family owns the Aspen Skiing Co.
“It was our dream to keep the Limelight in our family forever, however the timing of our rebuild and the difficult economy has forced us to seek other alternatives,” Pass continued in the press release.
The Skico’s hospitality division, led by Senior Vice President Paul Cherrett, will manage the property. The Paas family will remain involved and take an active role in running the 126-room hotel. The Skico hospitality division currently manages The Little Nell hotel and Residences at The Little Nell, both at the base of Aspen Mountain, and the Snowmass Club.
The Skico believes maintaining tourist beds is critical to enhancing the vibrancy of the valley, said Mike Kaplan, Skico president and CEO, in the press release.
The Limelight, located on the edge of Aspen’s core, offers accommodations ranging from standard rooms to two-bedroom, two-bathroom suites with kitchens, fireplaces and balconies. The hotel has 1,800 square feet of meeting/conference space and outdoor spaces that are available for events.
In late December, Paas told The Aspen Times his family was looking for investors or a partner who could infuse capital into the operation, which has been hit hard as a result of the economy.
Debt on the property was mounting, he said, and two of the 14 condos at the adjacent Monarch on the Park – built as part of the lodge’s redevelopment – hadn’t sold. The proceeds from the sale of the condos were expected to pay for the debt on the 100,000-square-foot hotel.
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