Business Monday briefs: Higher minimum wages in ’22; Douglas Elliman spins off from Vector Group |

Business Monday briefs: Higher minimum wages in ’22; Douglas Elliman spins off from Vector Group

Minimum wage now $12.56 in Colorado

The new Colorado minimum wage took effect on Saturday and is now $12.56 an hour, or $9.54 for those receiving enough in tips for total pay to meet or exceed the full minimum wage.

The increases are a result of a section of the Colorado Constitution that Colorado voters adopted in a 2006 ballot measure (with the exception of 2017-20, when the minimum wage rose by larger amounts due to another ballot measure, in 2016, raising the minimum wage by 90 to 99 cents annually until it reached $12 by 2020), according to a news release issued last week from the office of Gov. Jared Polis.

Also starting Saturday, direct care workers funded with any state dollars working in-home and community-based settings received a minimum wage of $15 per hour. The raise was put forward by the Polis-Primavera administration and approved by the Joint Budget Committee.

Douglas Elliman completes spin-off

Douglas Elliman Realty announced last week that it has completed its previously announced spin-off from Vector Group Ltd. (NYSE: VGR). Douglas Elliman is now trading on the New York Stock Exchange under the symbol “DOUG” and has been added to the S&P SmallCap 600.

Douglas Elliman Realty, based in New York, has three offices locally — two in downtown Aspen and one in Snowmass Village.

“We are thrilled that Douglas Elliman has reached this milestone — one that would not be possible without the hard work and dedication of our incredible agents and employees,” said Scott Durkin, CEO of Douglas Elliman Realty, in a statement. “As a standalone company, we look forward to building on Douglas Elliman’s leading luxury brand and longstanding tradition of excellence, while continuing to drive long-term value for stockholders.”


White Elephant development quietly takes steps in Aspen

Site work for three unbuilt residential chalets being advertised for $25 million each has started in the West End neighborhood as part of a Boston company’s project that also calls for the redevelopment of the Hotel Aspen into a luxury boutique lodge.

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