Element Basalt Aspen, a 113-key extended-stay hotel in Basalt near Aspen, has sold to Crescent Real Estate LLC (Crescent). JLL represented the seller, Silverwest Hotels, LLC, and procured the buyer. JLL also secured acquisition financing for the buyer. A sale price was not disclosed.
Jason Anderson, Co-CEO of Crescent stated, “Crescent is extremely pleased to announce the addition of the Element Basalt-Aspen to our growing upscale select-service hotel portfolio. Building a portfolio of exceptional select-service hotels is one of Crescent’s core hospitality strategies and we can think of no better fit than the Element Basalt-Aspen.“Element Hotels stand out in the select-service space in terms of its high-quality, contemporary design, and focused rooms. Public space renovation will further enhance the guest experience by refreshing and modernizing the hotel’s guest-facing spaces.”
Element Basalt Aspen, operated under a franchise agreement with Marriott International, offers contemporary guest rooms with views of the surrounding mountains. The four-story hotel, developed by Silverwest, opened in 2015 and features an outdoor event lawn and 625 square feet of indoor meeting space, fitness center, indoor pool and outdoor hot tub, bike rentals, on-site laundry, and complimentary breakfast. The hotel features fully equipped kitchens in spacious studios and suites, catering to both short and longer stays. While the Hotel remains in excellent condition, the hotel will undergo a guest-facing renovation to further modernize the guestrooms and refresh the public spaces, ensuring the hotel is well-positioned to capitalize on Basalt’s tremendous growth, and continues to offer an exceptional guest experience.
The hotel is located under 20 miles from Aspen and Snowmass Village, one of the world’s leading mountain destinations with year-round appeal as demonstrated by over 1.5 million tourists visiting each year. In addition to skiing and other recreational winter sports, the region is known for its prestigious retail, luxury fine dining and year-round entertainment and events, including the Food & Wine Classic, ESPN’s Winter X Games and Aspen Music Festival and School. Element Basalt Aspen is perfectly positioned to capture drive-to leisure guests with easy access by car from Denver and is accessible via the nearby Aspen/Pitkin County Airport, which offers a year-round flight schedule with direct flights from several major cities.
The Roaring Fork Valley has benefitted from tremendous economic and demographic tailwinds over the last decade and particularly through COVID. The Hotel further benefits from a muted new hotel supply pipeline in the select-service space as it continues to offer a tremendous value-proposition to the Valley’s highest rated full-service hotels.
Crescent will employ HEI Hotels & Resorts, a nationally recognized hotel management firm with extensive experience managing hotels of all categories throughout the United States.
