Denver-based Silverwest Hotels, LLC, has closed the sale of its extended-stay hotel near Aspen, Colo.
As per reports, the four-story, 133-key Element Basalt Aspen was acquired by Fort Worth, Texas-based Crescent Real Estate LLC. Terms of the sale were not disclosed.
JLL’s Hotels & Hospitality Group negotiated the sale of the hotel and helped the buyer arrange acquisition finance.
The hotel, which operates under a franchise agreement with Marriott International, was developed by Silverwest and originally opened in 2015. The hotel includes a lawn for events and 625 square feet of indoor meeting space, a fitness center and swimming pools. The hotel also features fully equipped kitchens in studios and suites.
Willits Town Center, a mixed-use complex in Roaring Fork Valley, will undergo improvements to its public spaces to update the rooms and public areas of the hotel.
Jason Anderson, Co-CEO of Crescent said, “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.”
The new owners have selected HEI Hotels & Resorts to manage Element Basalt Aspen.
