Aspen Skiing Co. is preparing to invest $100 million in the development of a Limelight hotel for Snowmass Village, Colo., after signing a purchase and sale agreement last week with Related Colorado.
SkiCo officials originally proposed a hotel last year but withdrew in March because of too many unknowns out of their control.
In exchange for an extension of its vesting rights, Related Colorado, the hotel's developer, must agree to meet milestones tied to the completion of improvements both public — including a traffic roundabout, snow melting system and road repairs — and private, primarily the development of the Viceroy hotel’s second phase.
The land sale to SkiCo is contingent upon Related getting the vesting extension and its project approval in a timely fashion. The 2004 development approval for Base Village is due to expire in November. If vesting expires, Related says the new requirements for affordable housing could add tens of millions of dollars to the project.
“It’s important Related hits their milestones. It’s also important the town gives them enough breathing room,” Kaplan said.