Snowmass lodge fetches $22.5M | AspenTimes.com
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Snowmass lodge fetches $22.5M

SNOWMASS VILLAGE Developer Pat Smith, who controls much of the commercial property in Snowmass Village, including the huge Base Village project, has added yet another to his list of local acquisitions – the Snowmass Mountain Chalet.According to documents filed Friday with Pitkin County, Smith and his partners, The Related Companies of New York City, paid $22.5 million for the Chalet on April 17, under the name of Snowmass Mountain Chalet Owners LLC and Snowmass Mountain Chalet Mezzanine LLC. The two limited liability corporations were registered with the Colorado Secretary of State’s office just a month and a half earlier.Attempts to reach Smith, or Snowmass Mountain Chalet general manager Mary Harris, were not successful.But according to records on file with Pitkin County, the Chalet was assessed at just over $1.4 million, with an “actual value” of just over $5 million. That value covered the 37,747-square-foot lodge and the nearly 12,000-square-foot lot it sits on, according to county records.The building, which now is a four-story hotel located at 115 Daly Lane just below the Snowmass Village Mall, was built in 1967 and then remodeled in 1985. Two years later, the Snowmass Mountain Chalet Inc. was first registered with the Colorado Secretary of State’s office by directors Ron and Dana Cohen and Carl L. Goodman, all of Bethesda, Maryland.Smith’s WestPac and The Related Companies of New York have been steadily increasing their local holdings.They bought the North Star building at 132 W. Main St. for about $9.9 million Jan. 17, according to records on file with Pitkin County. Smith and his partners acquired the property under the name of 132 West Main Street Associates LLC, a corporation registered with the Colorado Secretary of State’s office Jan. 4.Smith’s local development empire includes the Snowmass Center, Offices at Snowmass and the site of the Conoco service station. He also holds an option for a majority of the Snowmass mall area. In Aspen, Smith is partner in the Residences at The Little Nell. And he has a stake in the Bair Chase property behind the now-closed Sopris Restaurant outside Glenwood Springs.And on March 1, the development group finalized purchase of the Base Village property for an undisclosed price, although sources said it sold for $165 million.The town of Snowmass Village has already approved 1 million square feet of residential and commercial space at Base Village. That includes 600 luxury residential units.John Colson’s e-mail address is jcolson@aspentimes.com


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