Aspen, CO, June 19, 2000 - Jones Lang LaSalle Hotels was selected to represent IRP Aspen LLC in the sale of the
Aspen Club Lodge. This 90-room property, located in the heart of Aspen, is steps away from the Silver Queen Gondola ski lift and popular boutique retail shops and restaurants. The resort recently underwent a $2 million
renovation, which has already resulted in an increase in occupancy levels and room rates.
Aspen is one of the most exclusive residential and resort markets famous for celebrity residents, luxury shopping and world-class skiing. It has become equally desirable as a summer destination through its array of outdoor activities and festivals.
Given Aspen's high barriers to entry, year-round appeal and exclusive clientele, we expect strong investor
interest in this property, said Arthur Adler, Managing Director, Americas, of Jones Lang LaSalle Hotels. We believe that the Aspen Club Lodge will attract interest from not only domestic buyers, but from investors
throughout Europe and Asia as well due to Aspen's worldwide appeal.
There are almost as many visitors to Aspen during the summer season as during the ski season. Therefore, investors can expect increased annual returns on this property, remarked Adler.
According to Arthur Buser, Senior Vice President and head of the West Coast team of Jones Lang LaSalle Hotels,
significant repositioning opportunities exist for the property to capture additional market share.
Investors can expect to capture the management fee income stream as well as rental fees from a third-party
restaurant lease. A boutique brand affiliation or celebrity sponsorship would add to the boost in occupancy levels and room rates, thereby capitalizing on the renovated product, said Buser.
Aspen's citywide hotel supply consists of 1,335 rooms -- 660 of which belong to the upscale market. The average daily room rate (ADR) ranges from $125 for small inns to $450 for luxury resorts.
Jones Lang LaSalle Hotels, the leading hotel investment banking services group in the world, provides clients with
value-added investment opportunities and advice. Jones Lang LaSalle Hotels' services include transactions, mergers and acquisitions, financial advice and capital raising, valuation and appraisal, asset management, strategic planning, operator assessment and selection and industry research. Jones Lang LaSalle (NYSE: JLL) is the world's leading real estate services and investment management firm, operating across more than 100 key markets on five continents.
To Visit The Jones Lang LaSalle Hotels Web Site Click Here
|
Post Release
Get Content
Email News Brief
Saved Articles
Advertising
Handheld
XML/RSS
Post News