Aspen’s Limelight Lodge still in transition…Hotel will change hands to Skico in less than a month.

ASPEN REAL ESTATE — The Aspen Skiing Co. plans to take possession of the Limelight on April 12, the day after the official end of the ski season.The pending sale of the Limelight Lodge from the Paas and Woolery families to the Skico was supposed to occur in March, but the two entities decided to wait until the end of the season to ensure a smoother transition for employees… Dale Paas has said in the past that debt on the property had been mounting, and the cost of doing business had been rising. That was coupled with the recession and the fact that not all of the 14 condos at the adjacent Monarch on the Park have sold. The proceeds from the sales of the condos were expected to pay for the debt on the 100,000-square-foot hotel.
By Carolyn Sackariason, March 26, 2010

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