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Monday, 13 November 2017

Single-Asset REIT Offers Individuals Chance to Invest in St. Regis Aspen Resort

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The owners of the St. Regis Aspen Resort in Aspen, Colo., are launching a REIT that would provide individual investors the opportunity to own a stake in the five-star resort. Aspen REIT Inc. is seeking to raise about $33.5 million through a stock offering, thus giving retail investors access to an asset that traditionally has been reserved only for institutional and high net-worth investors.

Commercial Real Estate Direct Staff Report

The owners of the St. Regis Aspen Resort in Aspen, Colo., are launching a REIT that would provide individual investors the opportunity to own a stake in the five-star resort.

Aspen REIT Inc. is seeking to raise about $33.5 million through a stock offering, thus giving retail investors access to an asset that traditionally has been reserved only for institutional and high net-worth investors. If the offering is successful, individual investors will own a 49 percent equity stake in the 179-room resort, with the current owners keeping the remainder.

Stephane De Baets, the general partner of the firm that purchased the resort for $70 million in 2010, is the REIT's chief executive. Michael Wirth, a longtime real estate executive and former chief financial officer of New York Mortgage Trust Inc., is chief financial officer. A subsidiary of De Baets' investment company, Elevated Returns LLC, will serve as the REIT's external manager.

"I believe this is the future of real estate investing," De Baets said. "Up until products like this, it was virtually impossible for an individual investor to have exposure to a hospitality asset. We live in a time where there have to be ways for the general investor to bypass the food chain and obtain direct exposure to an asset that they can relate to."

Aspen REIT plans to offer shares at $20 apiece through Maxim Group, a New York investment bank, and list its common stock on the New York Stock Exchange. The company is not looking to raise any debt financing.

The St. Regis Aspen Resort backs $100 million of debt that KSL Capital Partners Credit Opportunities Fund had...





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Additional Info

  • Syndicate to Realpoint: No
  • Sector: Hotel & Resort
  • Subject: REITS -general (REITS), Stock/Equity Offerings (IPO)
  • Private: No
Read 233 times Last modified on Tuesday, 14 November 2017

Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2016
Investment Bank #Deals Vol$mln MktShr%
JPMorgan Securities 14.94 10,350.16 15.14
Deutsche Bank 14.21 9,926.60 14.52
Wells Fargo Securities 13.36 9,513.96 13.92
Citigroup 10.87 8,061.79 11.80
Goldman Sachs 10.05 7,563.72 11.07

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2016
Lender #Loans Vol$mln MktShr%
JPMorgan Chase Bank 133.67 8,670.33 13.34
Goldman Sachs 156.20 7,418.37 11.41
Deutsche Bank 178.17 6,510.75 10.02
Citigroup 184.41 5,512.20 8.48
Morgan Stanley 113.18 4,130.53 6.35

 

 

 

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