Monday Business: Aspen briefs
February 5, 2018
The Aspen government is the latest entity to pursue money from the Aspen Club, which faces foreclosure. The city filed a lien against the club Jan. 29, claiming that its Water Department is owed $16,579 for its services. A foreclosure auction, meanwhile, is scheduled March 7. The Aspen Club has until Feb. 20 to file its notice to cure the debt with the Pitkin County Treasurer's Office and until March 6 to satisfy it. Loan-note holder GPIF Aspen Club LLC, to which lender First Bank conveyed the note in December, on Jan. 26 filed a foreclosure motion in Pitkin County District Court, saying the club owes more than $10.7 million on the $45 million loan it received in May 2016. The Aspen Club project, located at 1450 Ute Ave., includes plans to remodel the 40,000-square-foot Aspen Club and Spa building and the construction of a 54,000-square-foot lodge with 20 timeshares, while 13,600 square feet of development would account for 12 multi-family affordable-housing units. Most of the construction work has been suspended because of billing disputes and mechanics' liens.
Aspen REIT, the single-asset real estate investment trust aiming to take the St. Regis Aspen Resort hotel public, will host a private dinner for potential investors at 6 p.m. Thursday.
The event will be held at the Chefs Club at St. Regis Aspen. Limited space is available for the event, which will include a presentation by Aspen REIT CEO Stephane De Baets, followed by a question-and-answer session.
The event is open to accredited investors in Aspen who register to attend. Those interested in attending must email AspenREIT@icrinc.com by 11 a.m. Feb. 7. Spots are limited and will be allocated on a first come, first served basis.
Aspen REIT is offering 1,675,000 shares at $20 per share through its $33.5 million Regulation A+ initial public offering. Aspen REIT has applied to list its common stock on the New York Stock Exchange under the ticker symbol "AJAX." The Securities and Exchange Commission qualified its Form 1-A on Jan. 23.
Pro golfer Justin Leonard, winner of the 1997 Open Championship, has listed his Aspen home for sale at $15.9 million, realtor.com reports. Leonard bought the 315 Lake Ave. home in October 2015 for $9 million. Aspen brokers Bubba and Tracy Eggleston have the listing.
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The Aspen Chamber Resort Association recently announced the promotions of Erik Klanderud to vice president of member services, Claire Sacco to membership program manager, and Eliza Voss to director of marketing.
Luxury hotels The Little Nell and the Ritz-Carlton at Aspen Highlands can put another feather in their caps. AAA has given both hotels five-diamond awards for 2018. Both lodges have received the designation multiple times. The Broadmoor hotel in Colorado Springs earned the five-diamond status for the 42nd straight year, which is how many years the travel organization has handed out the accolades.
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