Sale of Extended-Stay Hotel in Aspen Closes
JLL’s Hotels & Hospitality Group announced today that it closed the sale of the Element Basalt Aspen, a 113-key extended-stay hotel in Basalt near Aspen, Colorado.
JLL represented the seller, Silverwest Hotels, LLC, and its partners and procured the buyer. JLL also secured acquisition financing for the buyer.
Element Basalt Aspen offers contemporary guest rooms with views of the surrounding mountains. The four-story hotel, developed by Silverwest, and opened in 2015, features an outdoor event lawn and 625 square feet of indoor meeting space, fitness center, indoor pool and outdoor hot tub, bike rentals, on-site laundry, and complimentary breakfast.
The hotel is located under 20 miles from Aspen and Snowmass Village, one of the world’s leading mountain destinations with year-round appeal as demonstrated by over 1.5 million tourists visiting each year. In addition to skiing and other recreational winter sports, the region is known for its prestigious retail, luxury fine dining and year-round entertainment and events, including the Food & Wine Classic, ESPN’s Winter X Games and Aspen Music Festival and School. Element Basalt Aspen is perfectly positioned to capture drive-to leisure guests with easy access by car from Denver and is accessible via the nearby Aspen/Pitkin County Airport, which offers a year-round flight schedule with direct flights from several major cities.
The JLL Hotels & Hospitality team representing the seller was led by Senior Managing Director John Strauss, Managing Directors James Stockdale and Jason Schmidt and Analyst James Bermingham.
The JLL Debt Advisory team representing the buyer was led by Senior Managing Directors Jim Curtin and Leon McBroom, Executive Vice President Mike Huth and Vice President Shalin Patel.
JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totalling $83 billion worldwide. The group’s 350-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments. Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.