St. Regis Aspen shelves public offering plan from stock exchange

Staff report
Owners of the St. Regis Aspen Resort hotel have been given SEC clearance to sell the property through a public offering that will be made at another date.
Anna Stonehouse/The Aspen Times |

The ownership group of the St. Regis Aspen Resort has withdrawn its planned $33.5 million initial public offering of the luxury hotel.

Monday’s announcement that Aspen REIT, a real estate investment trust with a single asset — the St. Regis — was pulling its listing from the New York Stock Exchange came two weeks after it said it would be postponing the IPO.

Aspen REIT’s statement, however, suggested a future IPO is possible.

“Stephane De Baets, chief executive officer, president and chairman of Aspen REIT commented that Aspen REIT is modifying its offering process in order to complete its initial public offering and NYSE American listing as soon as possible,” according to a company statement.

De Baets, speaking at the 179-guest-room St. Regis Aspen in February before potential investors, touted the single-asset REIT as the first of its kind in the United States.

“Why isn’t there a product today where the general public can look at an asset and say, ‘I like this hotel. I know it well. I like the people working there, I’ve stayed there, and I want a piece of it’?” De Baets said at the time.

The IPO had been tentatively scheduled for mid- to late February, with shares up for sale at $20 each. Investors would have had to put down at least $2,000 to participate, and the IPO would have accounted for 49 percent ownership in the resort hotel.