Future of Hotel Jerome in Question
- Hotel Jerome
The Pitkin County Treasurer’s office started foreclosure proceedings last Thursday on Aspen’s Hotel Jerome, which is scheduled to be auctioned off January 27th, 2010. According to David Pisor, CEO of Chicago-based Elysian Worldwide ( joint owner of the hotel along with Chicago-based Captial Partners, LLC), actions are being taken to avoid foreclosure. Pitkin County Treasurer’s office filed a “notice of election and demand for sale” which states that the owners have an unpaid loan balance of $36.3 million on the property, located at 330 East Main Street in downtown Aspen.
The 92-room Hotel Jerome has been an Aspen landmark since it opened in 1889 at the height of Colorado’s silver boom. Through Aspen’s booms and busts the hotel changed hands several times and in the 1950′s it was frequented by actors and artists such has John Wayne, Lana Turner and Gary Cooper. Oklahoma Publishing Inc., controlled by the Gaylord family, bought the property for $33.7 million in 2005 and sold it to the current owners for $52 million in 2007 after being frustrated by the difficulty they encountered in renovating the hotel because of Aspen’s city restrictions.
The Hotel Jerome is an Aspen classic and continues to be popular with locals and tourists alike. This special property is currently managed by RockResorts, a division of Vail resorts.
