ASPEN, Colo. – (Realty News Report) – Crescent Real Estate, a Fort Worth-based firm founded by John Goff, has acquired a Colorado hotel as part of a real estate investment strategy focusing on smaller, upscale hotels with more limited services.
The Niche Investment Strategy
Crescent’s latest buy in the “select-service hotel” segment is the 113-room Element Basalt-Aspen in Colorado’s Roaring Fork Valley in the Basalt community.
“Building a portfolio of exceptional select-service hotels is one of Crescent’s core hospitality strategies and we can think of no better fit than the Element Basalt-Aspen,” said Jason Anderson, Co-CEO of Crescent Real Estate. “Crescent is extremely pleased to announce the addition of the Element Basalt-Aspen to our growing upscale select-service hotel portfolio.”
Built in 2015, the hotel is the leading select-service hotel across the entire Roaring Fork Valley. Perfectly suited for this location, Element by Westin is “a modern and environmentally conscious hotel brand designed for today’s healthy, active traveler.”
The hotel features fully equipped kitchens in spacious studios and suites, catering to both short and longer stays. While the Hotel remains in excellent condition, the hotel will undergo a guest-facing renovation to further modernize the guest rooms and refresh the public spaces, ensuring the hotel is well-positioned to capitalize on Basalt’s tremendous growth, and continues to offer an exceptional guest experience.
The Value Proposition
The Roaring Fork Valley has benefitted from tremendous economic and demographic tailwinds over the last decade and particularly through COVID. The hotel benefits from a muted new hotel supply pipeline in the select-service space as it continues to offer a tremendous value-proposition to the Valley’s highest rated full-service hotels.
Crescent Real Estate acquired the hotel through its investment vehicle – GP Invitation Fund III.
Through GP Invitation Fund III, the company acquires, develops and operates all real estate asset classes alongside institutional investors and high net worth clients. Crescent’s premier real estate portfolio consists of Class A and creative office, multifamily, hospitality, and senior living assets located throughout the U.S., including The Ritz-Carlton, Dallas, and the wellness lifestyle property called Canyon Ranch.
Crescent Real Estate LLC with assets under management, development, and investment capacity of more than $10 billion.
HEI Hotels & Resorts will manage the Colorado hotel, which is located in a mixed-use development known as Willits Town Center.
Feb. 14, 2023 Realty News Report Copyright 2023
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Image: Crescent Real Estate
File: Crescent Buys Colorado Hotel