New York – March 3, 2022 - RobertDouglas advised Norway Island, LLC on the sale of the famed Aspen Lift 1A Hotel & Residences Development Site to a private investor for $76.25 million.
“The Aspen Lift 1A Site is a jewel that was created through a highly collaborative entitlement process stretching back more than a decade,” commented Douglas Hercher, principal and managing director with RobertDouglas. “The investor was selected by Norway Island to carry on their vision for what has been described by many as the finest resort development site in North America.”
The Norway Island team worked closely with the City of Aspen, Aspen Skiing Company, Lift One Lodge, and the Aspen community to create a development plan that honors Aspen’s rich history of skiing and allows for a new lift with the historic access from the town to the mountain.
The Aspen Lift 1A Site is perched above the historic town of Aspen on its beloved “Ajax” Mountain at the finish line for the World Cup. The fully entitled Property will include 81 guest rooms and suites, penthouse condominium residences, World Cup après deck, restaurant and bar including an outdoor dining terrace, rooftop terrace and pool, full-service spa and fitness center, high-end retail shop, and flexible meeting space.
“The Site will be the last ground-up, true ski-in/ski-out hotel development project in Aspen in our lifetime, and perhaps ever, making this a truly irreplaceable Project,” remarked Stephen O’Connor, principal and managing director with RobertDouglas.
RobertDouglas is a real estate investment banking firm with offices in New York, Los Angeles, San Francisco, and Nashville that specializes in the sale, financing, and equity capitalization of hotel, resort, and gaming properties throughout North America. RobertDouglas offers access to exceptional domestic and international institutional investor and lender relationships as it combines the capital markets sophistication of top-tier investment banks with meticulous hotel underwriting and unrivalled market knowledge.