ST. REGIS PREPARES PUBLIC OFFERING
ASPEN» The owners of the St. Regis Aspen Resort, one of Aspen’s flagship hotels, said they would file documents Monday with the Securities and Exchange Commission to take the luxury property public.
A newly formed real-estate investment trust called Aspen REIT Inc. and headed by investor Stephane De Baets is aiming to hold an initial public offering to raise $33.5 million. Net proceeds from the IPO would be combined with a partnership of Aspen REIT to acquire 100 percent of indirect interest in the hotel, Aspen REIT said in a company statement.
The IPO is being made possible through the Jumpstart Our Businesses Startups Act, commonly referred to as the JOBS Act, which was signed into law in 2012. The JOBS Act eases SEC restrictions on IPOs by smaller companies wishing to go public.
Aspen REIT is a managed by a subdivision of Elevated Returns LLC, a New York-based real estate asset management and advisory firm controlled by De Baets.
The 179-room luxury hotel, located at the foot of Aspen Mountain, is the sole property in the new REIT. Typically REITs have multiple properties. — Aspen Times