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Single-asset REIT launches

by Andrea Waitrovich

Aspen REIT Inc., a newly formed, single-asset real estate investment trust, has filed a Form 1-A with the Securities and Exchange Commission to launch a Regulation A+ initial public offering to raise approximately $33.5 million in gross proceeds to help acquire a 100 percent indirect interest in the St. Regis Aspen Resort in Aspen, Colo.

“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,” said Stephane De Baets, CEO/president, and a member of the company’s board of directors. “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 company intends to use most of the net proceeds from the IPO, together with equity in the company’s subsidiary operating partnership, to accomplish the acquisition.

The St. Regis Aspen Resort is a full-service, 179-key luxury hotel with upscale restaurants, spa, 29,000 square feet of indoor/outdoor conference and banquet space, and a heated outdoor pool with views of the Aspen mountains.

The property is managed by a subsidiary of Marriott International Inc.

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