Buyer commits to $70 million purchase, $30 million in renovations

ASPEN REAL ESTATE — The buyer of the St. Regis Aspen has pledged to invest $100 million overall in the acquisition and renovation of the hotel, according to sources familiar with the deal.The purchase price is $70 million, and the buyer agreed to spend another $30 million to renovate the 179 rooms in the luxury property, said a source in the Aspen hospitality business and a second source knowledgeable of the terms. Neither source wanted to be identified because they weren’t authorized to speak about the pending deal.Starwood Hotels and Resorts said it has a contract to sell the St. Regis Aspen to OptAsia Capital Co. of Bangkok, Thailand, according to a statement issued Tuesday. The sale is expected to be completed “on or about Sept. 30,” the statement says.Starwood’s statement didn’t disclose the sale price, and a company spokeswoman declined comment Wednesday. The company will retain a long-term management contract as part of the sale.
By Scott Condon, Sept. 9, 2010 The Aspen Times

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