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The new ownership of The Aspen Club & Spa last week paid off more than $30 million in debts and interest owed to creditors and construction firms for work and materials related to the expansion and remodel of the property on the east side of town. “It was part of our business plan to get them paid in full,” said Clark Briner of Revere Capital on Friday. The Aspen Club & Spa on Wednesday, Feb. 3, 2021. (Kelsey Brunner/The Aspen Times) Revere and resort and hotel developer Meriwether Co. completed their acquisition of the property, 1450 Ute Ave., on Feb. 3 after bidding $52.59 million at a foreclosure auction Jan. 6. ....
The Aspen Club & Spa is going to foreclosure sale Jan. 6, and the new owner will be responsible for paying approximately $80 million in debt attached to the property. Ninth Judicial District Judge Denise Lynch signed an order Monday approving the sale after there were no legal challenges to foreclosing party GPIF Aspen’s proposal to put the property on the auction block. As normally scheduled, the sale would be held publicly on the front steps of the Pitkin County Courthouse. Based on where public health orders stand the first week of January, it is unclear whether the auction would be held virtually or in-person. The Pitkin County Treasurer’s Office will conduct the auction, with the highest bidder taking ownership of a property where a major redevelopment project has sat in limbo since the fall of 2017 because of the previous ownership’s financial struggles and inability to pay contractors. ....