JLL Hotels Secures $75M in Financing for St. Regis Aspen Resort
- Jun 24, 2013
Financing to the tune of $75 million has been obtained for The St. Regis Aspen Resort in Aspen, Colo. Acting on behalf of 315 East Dean Associates Inc., owner of the 179-room luxury lodging property, Jones Lang LaSalle Inc.’s Hotels & Hospitality Group secured the financing from an unidentified overseas bank.
More than a few lenders took an interest in providing financing for the 21-year-old hotel asset at the base of Aspen Mountain, and for good reason. According to JLL, the strong sponsorship played a big role in reeling in the funds. The current owner, which relies on Bangkok, Thailand-based OptAsia Capital as asset manager and representative, acquired St. Regis Aspen in 2010 for $70 million and soon after commenced a $46 million interior and exterior renovation program that reached completion in December 2011. Starwood Hotels & Resorts has managed the property since 1998, when it purchased the asset. Ritz Carlton was the operator until 1997.
Another attraction was the property’s prime location on three acres in a leading resort market.
The capital markets, still most keen on the multi-family sector, have more than warmed up to the hospitality sector. “During the last three years, we’ve witnessed a tremendous increase in liquidity for hotel financing among CMBS lenders, as well as other lenders seeking higher yields than can be achieved in the multi-family space,” Mike Huth, vice president with JLL Hotels, told Commercial Property Executive.