Snowmass Base Village being purchased.
Snowmass Base Village being purchased by a trio of companies.
Buyers include East West Partners, the Aspen Skiing Co. and KSL Capital Partners
A trio of companies with Colorado ties — East West Partners, the Aspen Skiing Co. and an affiliate of KSL Capital Partners —have formed a joint venture to acquire the Snowmass Base Village.
The seller is an affiliate of the Related Cos. The price was not released. The sale is expected to close by the end of the year.
In Denver, East West Partners is the developer of Riverfront Park and other sites near Union Station. KSL Capital Partners, a private equity firm that invests in travel and leisure. KSL has an office in Cherry Creek.
The Aspen Skiing Co. owns and operates the four mountains of Aspen Snowmass – Snowmass, Aspen Mountain, Aspen Highlands and Buttermilk – as well hospitality properties The Little Nell, Residences at The Little Nell, Limelight Aspen and Limelight Ketchum in Ketchum, Idaho.
The acquisition includes all remaining development parcels, all commercial spaces in Base Village, the Snowmass Hospitality property management company and the Viceroy Hotel. It includes all the unsold condominium units within the hotel.
Lot 2, where the Limelight Hotel will be built, also is part of the purchase. It will be developed by the joint venture.
The Aspen Skiing Co., or ASC, will purchase the Limelight Hotel and 4 Mountain Sports space from the joint venture when they are completed. ASC will run them.
The joint venture will start construction of the Base Village next spring. East West will responsible for all day-to-day operations.
While the sale will not close until later this year, work will continue to move forward with pre-construction efforts on the Limelight Hotel and with design for the community building and Buildings 7 and 8.
The joint venture’s plan is to begin construction on the Limelight Hotel, Building 4 and the events plaza/ice rink in the spring of 2017, with construction of the community building and Buildings 7 and 8 projected to begin in the latter part of 2017.
“East West Partners is very excited to be a part of the joint venture with ASC and KSL,” said Craig Ferraro, a managing partner at the company, which also is active in the Vail area.
“We believe the completion of Base Village will be a great addition to Snowmass and we could not imagine a better group of dedicated and experienced partners to join forces with to make this happen,” Ferraro continued.
He thanked Related for its “diligent efforts” to complete the town agreements with Snowmass Village.
“Aspen Skiing Company has long been committed to ensuring that Snowmass is and remains one of the best ski areas in the world, including providing over $100 million worth of on-mountain improvements over the last 10 years and ongoing efforts to develop the Limelight Snowmass,” said Mike Kaplan, president and CEO, Aspen Skiing Co.
“While we were working towards starting construction on the Limelight Hotel, it became apparent that by working in a partnership with KSL and East West, both leaders in the ski industry, the Base Village could become the truly special entrance to Snowmass that we have envisioned for years,” Kaplan added.
Andy Gunion from East West will to lead the joint venture.
“Andy has been with East West for over 12 years and has led the acquisition work on Base Village for us,” Ferraro said.
“He has a broad range of relevant experience from project management of our Westin resort in Avon to his most recent role as CFO for the company,” Ferraro continued. “Andy and his wife look forward to moving to the Roaring Fork Valley and enjoying the uncrowded ski slopes and world-class mountain biking,” he said.
Gunion had this to say: “We greatly appreciate all of the time and effort that town staff, council and others have invested in Base Village to bring it this far and we’re looking forward to working closely with everyone to complete this critical project in a manner that the Snowmass community can be proud of.”
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