JenEngel

UPDATE:  the sale of the Limelight Lodge was official on April 13th, 2010. Aspen Skiing Co. purchased the property and hotel operations for $37.9 million. Retaining 97% of the employees who wished to stay, Aspen Skiing Co. also hired a new General Manager. Richard Stettner from Denver will be taking over the leadership position for this property.

In addition, two of the three penthouses are under contract and are scheduled to close by June, 2010.

ORIGINAL POST January 5, 2010:  The Limelight Lodge in Aspen has been run by the local Paas family since the 1960s and is now being sold to Aspen Skiing Co. for an undisclosed amount. According to the press release from Aspen Skiing Co., the change in ownership will occur in March, but the Paas family will remain involved and take an active role in running the 126-room hotel.

“We believe the Crown family and Aspen Skiing Co. are the ideal group to carry on the Limelight legacy,” said Limelight owner Dale Paas. The Crown family owns the Aspen Skiing Company and currently manages The Little Nell hotel, the Residences at The Little Nell, and the Snowmass Club.

The Limelight underwent a complete remodel in 2008 and constructed the adjacent Monarch on the Park development to pay for the remodel. Unfortunately, Monarch on the Park didn’t sell as expected and the Paas family had to find alternative funding. There are 3 penthouses still available from the developer, including the top floor penthouse with fantastic views and private decks on 3 sides. The top floor penthouse initially came on the market for $21,500,000, and is now offered for $11,950,000.

The Limelight, located on the edge of Aspen’s core, offers accommodations ranging from standard rooms to two-bedroom, two-bathroom suites with kitchens, fireplaces and balconies. The hotel has 1,800 square feet of meeting/conference space and outdoor spaces that are available for events. The Limelight also offers complimentary continental breakfast, apres ski goodies, and allows pets.

This entry was posted on Thursday, April 15th, 2010 and is filed under Aspen, Aspen Hotels, Business Transactions, Developments, Real Estate Market, Real Estate Statistics, Skiing, Website. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.