East West, KSL once again under contract to buy Snowmass Base Village

DENVER BUSINESS JOURNAL - East West Partners and KSL Capital Partners are once again under contract to purchase the Snowmass Base Village project, this time with Aspen Skiing Co. on board as well.

The sale is not expected to close until later this year, with Related Cos. as the seller. Snowmass Base Village is a mix of development projects originally entitled in 2004 that has been through ups and downs in the intervening years, including a set of lawsuits. Related re-took control of the site in 2012, acquiring it for $90 million, having lost it to foreclosure during the recession.

The acquisition includes all remaining development parcels, all commercial spaces in the Base Village, the Snowmass Hospitality property management company and the Viceroy Hotel, which includes unsold condominium units within the hotel. Another lot, which is where the Limelight Hotel is planned, is also included in the purchase.

Terms of the deal were not disclosed.

According to a report by the Denver Post, East West and KSL placed a bid on Snowmass Base Village in 2012 and last year announced that it would acquire the site, but another report, from the Aspen Times, says that deal fell apart in December 2015.

Read more at the Denver Business Journal: http://bit.ly/2coRZ71

Copyright 2016 Denver Business Journal


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