Element Basalt Aspen sold

JLL’s Hotels & Hospitality Group has closed the sale of the Element Basalt Aspen, a 113-key extended-stay hotel in Basalt near Aspen, CO.

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 offers guestrooms with views of the surrounding mountains. The four-story hotel, developed by Silverwest and opened in 2015, features an outdoor event lawn and 625 sq. ft. of indoor meeting space, fitness center, indoor pool and outdoor hot tub, bike rentals, on-site laundry and complimentary breakfast.

The hotel is located less than 20 miles from Aspen and Snowmass Village, one of the world’s leading mountain destinations with year-round appeal as demonstrated by more than 1.5 million tourists visiting each year. In addition to skiing and other recreational winter sports, the region is known for its year-round entertainment and events, including the Food & Wine Classic, ESPN’s Winter X Games and Aspen Music Festival and School.

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, EVP Mike Huth and VP Shalin Patel.