Business Monday: Hotel sales around Aspen topping last year with $310M in commercial transactions so far for 2021
Last year will go down as the second straight year with more than $4 billion in total property transactions that closed in Pitkin County, with residential sales comprising the lion’s share of those deals. The 2021 commercial market, while not nearly as significant, still had seen $317 million in total sales volume through November, according to Land Title Guarantee, topping all 12 months of 2020, which recorded $289 million in total commercial sales, and 2019, with $72.6 million.
Below are the top five commercial sales in Pitkin County for 2021 — which included one restaurant property and five lodging properties. Both the Pitkin County Clerk & Recorder’s Office and the Pitkin County Assessor’s Office were sources for the property and sales information used.
Mountain Chalet — $68 million
Buyer: 2021 Aspen Mountain Chalet (Zach Kupperman and Larry McGuire)
Seller: Mountain Chalet Enterprises Inc. (Melville family)
Date recorded: March 31
Address: 333 E. Durant Ave.
Year built: 1966
Total heated area: 31,052 square feet
Lot size: 15,000 square feet
Hotel Aspen — $37.5 million
Buyer: White Elephant Aspen LLC
Seller: Garmisch Lodging LLC
Date recorded: Oct. 29
Address: 110 W. Main St., Aspen
Year built: 1985
Details: The buyer of the 45-unit lodge, from the Brown brothers, was controlled by New England Development LLC, a privately held Boston-based firm also behind the ownership of two boutique hotels called The White Elephant in Nantucket and Palm Beach. “Hotel Aspen will remain operating at least through April 2022. After that time we hope to begin construction on the new hotel, with more details to follow,” said a company statement at the time of the sale.
Casa Tua building — $17 million
Buyer: CT Aspen Propco LLC, subsidiary of Reuben Brothers
Seller: Guidos Swiss Inn LLC
Date recorded: Aug. 2
Address: 403 S. Galena St
Year built: 1950, remodeled in 1992
Total heated area: 4,620 square feet
Snow Queen Lodge and Little Red Ski Haus — $16.25 million (separate sales)
Buyer: Clearlake Capital (Santa Monica, California)
Seller of Snow Queen Lodge: Snow Queen Lodge LLC (David Ledingham)
Seller of Little Red Ski Haus: Datuse LLC (Australia)
Snow Queen Lodge details — Original building dates to 1888; major remodels in 1970 and 1984. Lodge is 1,297 square feet with seven units; residential unit also on property.
Little Red Ski Haus details — Originally built in 1888 with a major remodel in 2000. Currently has 13 units and comprises 6,977 square feet of inhabitable space.
Worth noting: The buyers have remained private about their intentions for the properties. The Snow Queen is no longer operating as a lodge, but the Little Red Ski Haus remains open.
Snowmass Mountain Chalet — $10.5 million
Buyer: Melville family
Seller: CA Loan I LLC
Date: May 5
Year built: The late Ralph Melville built the lodge in 1967 when Snowmass Ski Resort debuted before selling it in 1985. The Melvilles also built the Mountain Chalet in Aspen (which opened in 1954 and which they sold this year).
Total heated area: 37,747 square feet
Staple Snowmass store to close as owner retires
Since the 1970s, Sherry Flack and her retail businesses have been a recognizable part of Aspen and Snowmass. Now, after half a century, Flack has made the decision to retire.
