Sale of extended-stay hotel in Aspen closes
JLL’s Hotels & Hospitality Group closed the sale of and arranged financing for Element Basalt Aspen
LOS ANGELES, Feb. 13, 2023 – 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.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Silverwest Hotels, LLC
Silverwest Hotels, LLC (“Silverwest”), is a private investment and management company founded in 2013 by experienced hotel and resort executives Edward Mace and Charles Peck. The company is a joint venture that brings Silverwest Hotel Partners LLC together with two institutional management platforms, Platform Ventures, LLC, based in Kansas City, and an affiliate of Global Endowment Management, based in Charlotte, NC. Platform Ventures, LLC is a firm that, through certain asset management subsidiaries, manages and invests in real estate, real estate-related assets, real estate technologies and real estate-focused companies located throughout the United States. Global Endowment Management is an independent investment manager offering an endowment-style investment program to institutional investors, family offices, individuals, and other sophisticated investors.