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Aspen's Limelight Lodge Seeks Capital for Survival, AT

ASPEN REAL ESTATE — Money problems at Aspen's Limelight Lodge has prompted its owners to look for more financing.Dale Paas, owner of the 126-room hotel, said the property is not under contract with a potential buyer despite the rumors that have been floating around town for the past two weeks.He is, however, looking for investors or a partner who can infuse capital into the operation, which has been hit hard as a result of the economy.Debt on the property is mounting and two of the 14 condos at the adjacent Monarch on the Park haven't sold. The proceeds from the sales of the condos were designed to pay for the debt on the 100,000-square-foot hotel.Paas said the sale of the two remaining condos equates to an estimated $16 million in revenue that hasn't been realized. All of the units were priced between $3 million and $15 million when they were listed.But apparently that revenue stream hasn't been enough to keep up with the rising costs of doing business, paying the debt service and weathering the recession.
By Carolyn Sackariason, Dec. 22, 2009 Aspen Times

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