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Foreign bank provides loan for the only internationally branded luxury hotel in Aspen
ASPEN, Co., June 20, 2013 — On behalf of 315 East Dean Associates, Inc., Jones Lang LaSalle’s Hotels & Hospitality Group today announced the firm secured $75 million in financing for The St. Regis Aspen Resort. The 179-key, five-star resort is located at 315 East Dean Street in Aspen, Colorado. The property operates under the St. Regis flag and is the only internationally branded luxury hotel in Aspen. Starwood Hotels & Resorts manages the hotel, while OptAsia Capital is the asset manager and owner’s representative. An overseas bank provided the floating-rate loan.
Managing Director Mathew Comfort and Vice President Mike Huth, as well as Managing Director Jeff Davis, led the Jones Lang LaSalle team on this transaction.
“The Aspen lodging market is incredibly unique in that it attracts an extremely affluent international clientele and features less pronounced seasonality than other ski resort markets. In addition to the property’s prime location in one of the world’s top resort destinations, lenders were attracted to the hotel’s strong sponsorship and the quality of the hotel, which recently underwent a meticulous $46 million renovation,” said Huth.
“Immediately following the acquisition, the focus was on upgrading the physical offerings of the hotel,” said Stephane De Baets, OptAsia Capital Managing Director. “Now that the renovation phase is complete, we are focused on service delivery – the details that will make this a true five-star resort. We are very pleased with the vote of confidence that the process has demonstrated towards this asset.”
According to Comfort, interest in the opportunity was strong, “We had a number of interested lenders and ultimately an overseas bank was selected, which continues to be an emerging trend. We expect to see more international lenders entering the hotel lending market in 2013.”
The St. Regis Aspen Resort was named to Travel + Leisure magazine’s list “500 World’s Best Hotels” in both 2011 and 2010. The property also made Condé Nast Traveler’s Gold List: “Best Places to Stay in the World” in 2010. The resort is located on a three-acre site at the base of Aspen Mountain, near the Shadow Mountain lift, the Little Nell lift, and the Silver Queen gondola. It features a spacious lobby, award-winning Remedè Spa, fitness center, outdoor pool and hot tubs, some 20,000 square-feet of meeting space, a business center, two retail spaces (Aspen Outfitting and Aspen Sports), and several restaurants including the recently opened Chefs Club by Food & Wine™, a unique fine dining restaurant featuring a dynamic menu designed and prepared by a rotating roster of highly-acclaimed guest chefs.
Jones Lang LaSalle’s Hotels & Hospitality Group serves as the hospitality industry’s global leader in real estate services for luxury, upscale, select-service, and budget hotels; timeshare and fractional ownership properties; convention centers; mixed-use developments, and other hospitality properties. The firm’s more than 265 dedicated hotel and hospitality experts partner with investors and owner/operators around the globe to support and shape investment strategies that deliver maximum value throughout the entire lifecycle of an asset. In the last five years, the team completed more transactions than any other hotels and hospitality real estate advisor in the world totaling nearly US$25 billion, while also completing approximately 4,000 advisory, valuation and asset management assignments. The group’s hotels and hospitality specialists provide independent and expert advice to clients, backed by industry-leading research.
For more news, videos and research from Jones Lang LaSalle’s Hotels & Hospitality Group, please visit: www.jll.com/hospitality or download the Hotels & Hospitality Group’s app from the App Store.
About Jones Lang LaSalleJones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square-feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $47.7 billion of real estate assets under management. For further information, visit www.jll.com.
About OptAsia Capital OptAsia Capital is an Asia-based investment bank specializing in transactions focused on the real estate and hospitality sectors. OptAsia actively manages its clients’ investments (discretionary and non-discretionary) by tailoring innovative concepts and asset management solutions designed to extract the maximum value potential out of particular situations.
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