CRESCENT ACQUIRES THE ELEMENT BASALT-ASPEN IN ROARING FORK VALLEY COLORADO
FORT WORTH (February 2, 2023) – Through its investment vehicle – GP Invitation Fund III, Crescent Real Estate LLC (Crescent) acquired the Element Basalt-Aspen (the Hotel), a modern 113-key hotel operated under a franchise agreement with Marriott International, located in the Roaring Fork Valley’s preeminent mixed-use development known as Willits Town Center.
Comprised of 250,000 square feet of commercial space and 120,000 square feet of residential condominiums, Willits Town Center insulates the Hotel with a plethora of popular dining and retail options and sits along Highway 82, the sole vehicular route between Glenwood Springs and Aspen. Anchored by Whole Foods, Willits Town Center is home to popular restaurants and best-in-class retailers including Starbucks, Bristlecone Mountain Sports and Salon Terra, an Aveda Salon.
Additionally, the 62,000 square foot Steadman Clinic opened last year in Willits Town Center providing outstanding orthopedic care to the entire Roaring Fork Valley. With an abundance of nearby recreational activities and convenient access to nearby Aspen, Snowmass, and Glenwood Springs, Basalt serves as the center point of the Roaring Fork Valley at the conjunction of two Gold Medal fishing rivers, the Frying Pan and Roaring Fork Rivers.
Built in 2015, the Hotel is the leading select-service hotel across the entire Roaring Fork Valley. Perfectly suited for this location, Element by WestinÒ is a modern and environmentally conscious hotel brand designed for today’s healthy, active traveler. The Hotel features fully equipped kitchens in spacious studios and suites, catering to both short and longer stays. While the Hotel remains in excellent condition, the hotel will undergo a guest-facing renovation to further modernize the guestrooms and refresh the public spaces, ensuring the hotel is well-positioned to capitalize on Basalt’s tremendous growth, and continues to offer an exceptional guest experience.
The Roaring Fork Valley has benefitted from tremendous economic and demographic tailwinds over the last decade and particularly through COVID. The Hotel further benefits from a muted new hotel supply pipeline in the select-service space as it continues to offer a tremendous value-proposition to the Valley’s highest rated full-service hotels.
Jason Anderson, Co-CEO of Crescent stated, “Crescent is extremely pleased to announce the addition of the Element Basalt-Aspen to our growing upscale select-service hotel portfolio. Building a portfolio of exceptional select-service hotels is one of Crescent’s core hospitality strategies and we can think of no better fit than the Element Basalt-Aspen.
“Element Hotels stand out in the select-service space in terms of its high-quality, contemporary design, and focused rooms. Public space renovation will further enhance the guest experience by refreshing and modernizing the hotel’s guest-facing spaces,” Anderson said.
“We are particularly impressed with the incredible growth occurring across the Roaring Fork Valley and specifically in Basalt. Our prime location within the acclaimed Willits Town Center provides our guests with unparalleled access to a diverse array of amenities throughout the greater mixed-use development while also providing quick, convenient access to Aspen, Snowmass, the Aspen Airport and the incredible assortment of activities the Valley has to offer,” stated Anderson.
Crescent will employ HEI Hotels & Resorts, a nationally recognized hotel management firm with extensive experience managing hotels of all categories throughout the United States.