$70M fetches Snowmass properties in commercial deal aspentimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from aspentimes.com Daily Mail and Mail on Sunday newspapers.
Prior to closing last week on the $70 million sale of three properties including the Westin Snowmass Hotel, the new ownership already had brought in a management company to replace the current one as it begins to rebrand the slopeside property.
Atlanta-based Davidson Hotels & Resorts about three weeks ago took the management reins at the 254-room, slopeside hotel, which has been run under the Westin flag and previously the management of Connecticut-based HEI Hotels & Resorts.
While the Westin flag is still flying, the new ownership plans to upgrade the hotel to a four-star property and have it join entrance into Marriott’s Autograph Collection, a division of luxury hotels.
Snowmass Sun
The Westin in Snowmass Village, seen here in May 2020, sold this week as part of a $70 million deal. (Kelsey Brunner/The Aspen Times)
Investors who bought the Westin Snowmass Resort and other properties in Snowmass Village this week for $70 million plan to make the 254-guestroom property a member of Marriott’s Autograph Collection, according to a firm involved in the deal.
The sale of the Westin, the 151-room Wildwood Snowmass lodge and the18,000-square-foot Snowmass Conference Center was documented in a single transaction filed Wednesday in the Pitkin County Clerk & Recorder’s Office.
The sellers were Starwood Capital Group and Wasserman Real Estate, which under the entity Silvertree Propco LLC bought the same properties for $42 million in June 2011 from the Burwell family of Minnesota. The next year they spent $55 million