The St. Regis is one of Aspen’s flagship hotels and has the advantage of being downtown and near the base of Aspen Mountain Buyer commits to ‘major renovation’ that could pump another $30 million into deal….One of its prime competitors, the Aspen Skiing Co.’s Little Nell hotel, spent $18 million to renovate its 92 rooms prior to last ski season. The Hotel Jerome has approvals for between $45 million and $50 million in renovations, but no project has been started.

ASPEN REAL ESTATE — The sale of the St. Regis Aspen was completed by Starwood Hotels & Resorts Worldwide Inc. this week in a $70 million deal that will see no change in management of the luxury hotel, the company said. Starwood sold the property to 315 East Dean Associates Inc., which is represented by Bangkok-based OptAsia Capital Co. Starwood also signed a 50-year management agreement to continue operating the hotel as a St. Regis, the company announced.In addition to the $70 million purchase price, OptAsia committed to a “major renovation” of the resort, including the refurbishment of all hotel guest rooms and public areas, Starwood said in a statement. The renovation will also feature incorporating the extensive courtyard space into dining outlets for year-round seating. The hotel plans to promote enhanced après-ski offerings.Two separate sources familiar with the terms of the deal said OptAsia will spend $30 million on the renovations, making the total deal worth about $100 million.

By Scott Condon, Oct. 2, 2010 Aspen Times

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