Aspen, Colorado: Today, Erik Cavarra features a story on the The Hyatt Grand Aspen, one of the town’s largest time-share developments, is getting a new owner as part of a $190 million real estate deal.
Miami-based Interval Leisure Group (ILG) and Hyatt Hotels Corp. announced Wednesday that they have reached an agreement in which Hyatt will sell its residential group of holdings.
The Aspen property, a 50-unit time-share club that was built in 2005, is one of 16 properties in the residential group portfolio to change hands, said Amy Patti, Hyatt’s corporate communications director.
Hyatt Grand Aspen will retain its Hyatt branding as part of a master license agreement, she said in an email.
Patti said guests, management and staff should not see any changes as a result of the deal.
“We believe this will be a smooth transition for associates and owners as there are no anticipated staff changes at the property and no changes to the daily operations,” she said. “We are confident that ILG will be exceptional stewards of the Hyatt Residence Club brand.”
Brett Friel/Special to the Aspen Daily News
Hyatt Grand Aspen offers fractional units from one to four bedrooms in size, with owners typically buying a 1/11th slice of the luxury properties. When it opened, prices ranged from $85,000 to $1 million for a share, which allows owners to stay in a unit for a week during the prime winter and summer seasons, and 10 more days at other times.
Read Full Article: http://www.aspendailynews.com/section/home/162251
About half of the available shares when the Hyatt Grand Aspen opened sold within a year. It occupies a prime piece of real estate near the Silver Queen Gondola.
ILG bills itself as a provider of membership and leisure services to the vacation industry. With about 5,000 employees worldwide, the company offers leisure and travel-related products and services to about 2 million member families who are enrolled in various programs, according to its website.
Under the terms of the master license agreement, Hyatt will receive annual license fees, and the Hyatt Residence Club and the vacation ownership resorts will retain the Hyatt Residence Club brand, according to an ILG press release. Hyatt Residence Club owners will continue to receive all privileges currently associated with their memberships.
ILG also will acquire, for about $35 million, Hyatt’s interest in a joint venture that is developing a 131-unit vacation ownership property in Maui.
The deal is expected to close in the fourth quarter.
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