Individuals Can Invest In REIT To Own Piece Of Iconic Resort
Investors who want to own a little slice of the mountains have the opportunity to invest in Aspen REIT Inc., a newly formed real estate investment trust that plans to launch an initial public offering to raise about $33.5M to buy the iconic St. Regis Aspen Resort.
Aspen REIT plans to offer 1.675 million shares at $20/share and apply to list its common stock on the NYSE American stock exchange under the ticker symbol AJAX.
“We plan to bring to the market a first-of-its-kind real estate offering that provides individual investors with the opportunity to own shares in a highly attractive, trophy asset in the St. Regis Aspen Resort,” Aspen REIT President and CEO Stephane De Baets said in a statement. “Historically, the chance to own a portion of an individual property of this caliber and stature was only available to institutions. With our offering, we are changing this model while at the same time providing individual investors with liquidity optionality for a single-asset investment. Our value proposition is innovative and, we believe, highly compelling.”
The St. Regis Aspen is a full-service, 179-room luxury hotel with upscale restaurants, a private spa, 20K SF of indoor and outdoor conference and banquet venues and a heated outdoor pool with views of the Aspen mountains. The resort, managed by a subsidiary of Marriott International Inc., attracts a range of guests, including families, celebrities and top executives.