A new REIT is giving the public the chance to own shares of the St. Regis Aspen Resort in Colorado.
Aspen REIT, a newly-formed, single-asset real estate investment trust, has filed paperwork with the Securities and Exchange Commission to launch a Regulation A+ initial public offering to raise approximately $33.5 million in gross proceeds. Maxim Group will act as the lead managing selling agent for the offering.
The company will use the bulk of the net proceeds from the IPO, with equity in the company’s subsidiary operating partnership, to acquire a 100-percent indirect interest in the St. Regis Aspen Resort in Aspen. The resort has 179 guestrooms and is managed by Marriott International. Aspen REIT has planned to offer 1,675,000 shares at $20 per share to apply to list its common stock on the NYSE American stock exchange under the ticker symbol “AJAX.”
Aspen REIT CEO Stephane De Baets said in a statement, “We plan to bring to the market a first-of-its-kind real estate offering that provides individual investors with the opportunity to own shares in a highly attractive, trophy asset in the St. Regis Aspen Resort. Historically, the chance to own a portion of an individual property of this caliber and stature was only available to institutions. With our offering, we are changing this model while at the same time providing individual investors with liquidity optionality for a single-asset investment. Our value proposition is innovative and, we believe, highly compelling.”
Aspen REIT's goal is to be the first single-asset REIT to list on a national securities exchange in the United States. It is externally managed by a majority-owned subsidiary of Elevated Returns, a New York-based real estate asset management and advisory firm.