JLL worked on behalf of the borrower, Northridge Capital, and secured
the loan from Riyad Bank.
 |
| Chris Hew |
The
JLL Capital Markets team was led by Managing Directors Chris Hew and Jeff
Bucaro, Executive Managing Director Eric Tupler and Associate Emma
Buch.
“The
W Aspen is an irreplaceable asset and we’re very proud to have played a part in
the financing effort here,” said Hew.
The
W is a short walk to the heart of downtown Aspen’s historic shopping and dining
district and nestled at the base of Aspen Mountain.
The W Aspen opened in the Fall of 2019 and is
the first new ground-up hotel construction project to deliver in Aspen in over
25 years.
 |
| Jeff Bucaro |
The
five-story hotel is located at 550 South Spring St. and totals 74,184 square
feet. Key features include first-class amenities with a rooftop deck featuring
a heated pool and spa with panoramic views of Aspen Mountain, Independence
Pass, Red Mountain and Downtown Aspen.
Additional amenities include three food and
beverage outlets, meeting/banquet space, a fitness facility, fire pits, rooftop
cabanas, structured parking and a seasonal ski shop.
Located
over 7,900 feet above sea level in the heart of the White River National
Forest, Aspen is a historic mining town that has been transformed into a global
destination offering a limitless assortment of first-class outdoor activities
as well as best-in-class retail and dining options.
 |
| Eric Tupler |
Aspen draws year-round demand from across the
globe with eleven direct flights into Aspen County Airport from major hubs
across the United States.
“After
the post-pandemic roller-coaster ride that was mountain resort hotel
performance during 2021-22, travel patterns and hotel performance returned to a
semblance of “normal” during 2023.
"As we near sell-out of our remaining
residential inventory, this was an opportune time to look for permanent hotel
financing, and we feel fortunate to have made the connection with Riyad Bank –
Houston Agency and established a positive working relationship that we look
forward to continuing for many years,” remarked Northridge CEO Dave Jackson.
 |
| Dave Jackson |
“It
was great to field a deep pool of prospective lenders interested in refinancing
the W Aspen, proving there is plenty of liquidity for iconic, irreplaceable
assets in desirable markets.
"We picked the right partner in Riyad
Bank and look forward to a strong relationship for years to come” added Northridge
Managing Partner, David Etemadi.
For
more news, videos and research resources, please visit JLL’s newsroom.
CONTACT:
Alli Stent
PR,
Hotels & Hospitality
Capital Markets
Chicago | JLL
M +1 330 329
6750
northridgecapital.com.
jll.com.
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