The owners of the Hotel Jerome recently reached an agreement with the City of Aspen to exempt the 1.5% Aspen City real estate transfer tax (RETT) if a property is acquired under a “deed in lieu of foreclosure.” {The extent to which this is precedent setting for other foreclosure sales within the City of Aspen boundaries remains to be seen and legal counsel is advised.] …The agreement was that the city would drop its appeal and Jerome Property LLC would cease its pursuit of attorney’s fees of $85,000 that it wanted the local government to pay. The city also won’t have to pay the hotel ownership’s $6,000 in legal costs, which Pitkin County District Court Judge Gail Nichols had ruled previously that the municipal government was responsible for.
By Carolyn Sackariason, Nov. 5, 12 ADN

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From Hotel Jerome website: “Currently closed for renovation (August through mid-December 2012) the hotel will offer a new look this winter season. Blending its elegant historic detail with an updated design and new amenities, the hotel will be re-introduced as Aspen’s most fashionable landmark. Renovation highlights include the lobby and atrium, a stylish new restaurant, luxuriously updated guest rooms and a new Auberge Spa. All of these additions will only enhance Hotel Jerome’s timeless grace and charm.”