Assignment Overview
RobertDouglas advised Norway Island, LLC on the sale of the famed Aspen Lift 1A Hotel & Residences Development Site to a private investor for $76.25 million. Limited developable land in Aspen combined with an onerous and lengthy review and entitlement process provided a rare opportunity for an investor to acquire the fully entitled site and develop a luxury, ski-in/ski-out hotel and residences.
Property Background
The Norway Island team worked closely with the City of Aspen, Aspen Skiing Company, Lift One Lodge, and the Aspen community to create a development plan that honors Aspen’s rich history of skiing and allows for a new lift with the historic access from the town to the mountain.
The Aspen Lift 1A Site is perched above the historic town of Aspen on its beloved “Ajax” Mountain at the finish line for the World Cup. The fully entitled Property will include 81 guest rooms and suites, penthouse condominium residences, World Cup après deck, restaurant and bar including an outdoor dining terrace, rooftop terrace and pool, full-service spa and fitness center, high-end retail shop, and flexible meeting space.
Deal Highlights
Client (Seller): |
| Norway Island, LLC |
