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Jones Lang LaSalle Hotels Selected To Sell Upscale Ski Resort |
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.
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. |
Kimberly Katz Jones Lang LaSalle Hotels 200 East Randolph Drive Chicago Illinois 60601 Phone: +1 213 680 7939 [email protected] |