Starwood Hotels selling four-star St. Regis Resort Aspen

By Troy Hooper
Real AspenSeptember 8, 2010
The St. Regis Aspen Resort is changing hands.

The St. Regis Resort Aspen

Starwood Hotels & Resorts Worldwide Inc. is selling the four-star hotel, which recently converted many of its rooms to fractional-ownership residences, to 315 East Dean Associates Inc, which is being represented by Bangkok-based OptAsia Capital Co., according to a statement from Starwood.

The sale price was not disclosed.

The St. Regis went on the market in November 2008, a low point in Aspen's economy. But it apparently is part of a larger shift in strategy as Starwood and other big-name brands like Hilton Hotels Worldwide focus on managing properties instead of owning them. Starwood reportedly only owns 62 U.S. hotels and recently put the Westin Atlanta up for sale, according to the Wall Street Journal. While Starwood is shedding its American hotels, it appears to be bullish on hotel purchases over in Asia.

Meanwhile, Aspen's hospitality market is undergoing major changes.

A tornado of paperwork swirled around The Hotel Jerome as two different groups of Chicago investors grew engrossed in a high-stakes legal tug-of-war for the property. Then the Aspen Skiing Co. purchased the Limelight hotel last spring. And Kimpton's 90-room Sky hotel is also on the block.

Hotels have been hit hard by the recession. U.S. hotel occupancy fell 8.2 percentage points between 2007 and 2009, and revenue per room fell 18.3 percent, according to Smith Travel Research. But it may be poised for a comeback. Smith Travel Research also predicts U.S. hotel occupancy will rise by more than 4 percent in 2010.

comments: 2 Comments on "Starwood Hotels selling four-star St. Regis Resort Aspen"

aliveinaspen – Sept. 08, 2010, at 6:27 a.m.

These sales will be a great boon in real estate sales tax revenue for the city. Any buyers out there?

glenwoodsprings22 – Sept. 18, 2010, at 7:19 a.m.

Agreed the sales are a much needed boost. Now let's get the construction back up and running for Stage 3, Dancing Bear, Base Village and Willits.

Then and only then will there be any measure of beginning recovery in this valley.

Locals have got to realize that they need to support the fact that tourism walks hand in hand with construction. Real Estate dies, without both tourism and construction.

This back tracking approach of looking at the real estate sales without becoming involved fully in putting your volunteer time into sitting on a board or blogging your viewpoint online or whatever----is not gettin it done out there.

We have no thought, here in the construction industry, that custom home building is going to bounce back any time in the close future. What we can do, is push hard to get these stalled big ones done.

Good luck to the new owners of the St. Regis and welcome to the valley.

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