Owners ready to sell after five decades of operation
ASPEN REAL ESTATE — The Aspen Skiing Co. this week signed a contract to purchase the Limelight Lodge from its longtime owners, the Paas and Woolery families.No price for the 126 room hotel and land that it sits on was disclosed. According to the Pitkin County Assessor, the property has an actual value of nearly $50.7 million… Dale Paas, owner of the Limelight Lodge, told The Aspen Times in late December that the hotel was having financial difficulty and he was looking to infuse more capital into the operation…Paas said debt on the property has been mounting, and the cost of doing business has been rising. That coupled with the recession and the fact that 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.
By Carolyn Sackariason, Jan 6, 2010 AT
Link to article