LOS ANGELES—JLL’s Hotels & Hospitality Group announced that it closed the sale of the Element Basalt Aspen, a 113-key extended-stay hotel in Basalt near Aspen, Colorado.
JLL represented the seller, Silverwest Hotels, LLC, and its partners and procured the buyer. JLL also secured acquisition financing for the buyer.
Element Basalt Aspen is a four-story hotel developed by Silverwest and opened in 2015. It has an outdoor event lawn and 625 square feet of indoor meeting space, a fitness center, an indoor pool and outdoor hot tub, bike rentals, on-site laundry, and complimentary breakfast.
The hotel is located 20 miles from Aspen and Snowmass Village. In addition to skiing and other recreational winter sports, the region is known for its retail, 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 positioned to capture drive-to leisure guests with access by car from Denver and is accessible via the nearby Aspen/Pitkin County Airport.
The JLL Hotels & Hospitality team representing the seller was led by Senior Managing Director John Strauss, Managing Directors James Stockdale and Jason Schmidt, and Analyst James Bermingham.
The JLL Debt Advisory team representing the buyer was led by Senior Managing Directors Jim Curtin and Leon McBroom, Executive Vice President Mike Huth, and Vice President Shalin Patel.