Pitkin County to refund $47,624 to St. Regis Aspen hotel | AspenTimes.com
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Pitkin County to refund $47,624 to St. Regis Aspen hotel

Pitkin County will refund the St. Regis Aspen $47,624 after it lowered the luxury hotel's assessed value.
Aspen TImes File photo |

Pitkin County commissioners unanimously agreed Tuesday to refund $47,624 to the St. Regis Aspen after the luxury hotel successfully appealed its assessed valuation last year.

The abatement hearing breezed through in about five minutes as commissioners backed Pitkin County Deputy Assessor Larry Fite’s recommendation that the amount be refunded to the five-star hotel. Refunds greater than $10,000 require commissioner approval.

The Pitkin County Assessor’s Office originally assessed the hotel’s actual value at $81,717,200 for the tax year 2013, which carried over to 2014 because assessments are done on a two-year cycle.

St. Regis won its appeal last year, having the value reduced to $76,717,000 — although it had requested that it be lowered to $44,145,400, according to county records. The altered assessment resulted in the hotel’s tax bill being lowered from $778,313 to $730,688, the difference of which equated to the refund.

The St. Regis pays the sixth most in county property taxes. Aspen Skiing Co., which had property with an actual value of $201,068,400 at the end of 2013, is the top payer. Rounding out the top five are Snowmass Acquisition Co., Hyatt Grand Aspen, Residences at the Little Nell Condo Association and Aspen Highlands Condo Association.

In September 2010, St. Regis was acquired by 315 East Dean Street Associates Inc., a Delaware corporation controlled by Bangkok-based OptAsia Capital Co., for $70 million from Starwood Hotels and Resorts Worldwide Inc. The hotel underwent a $20 million renovation in 2011. At 250,000 square feet, the hotel is Pitkin County’s largest structure.

Its gross revenue was $22 million in 2009, $21.3 million in 2010, $15.4 million in 2011 (the year of its remodel) and $22 million in 2012, according to county records related to the hotel’s appeal.

rcarroll@aspentimes.com


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