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Related to sell Base Village assets in Snowmass

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Courtesy of Stay Aspen Snowmass
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Related Companies announced Tuesday that it is selling its Base Village assets to East West Partners, the Aspen Skiing Co. and an affiliate of KSL Capital Partners.

After a recession and bankruptcy, a drawn-out approval process and an aborted sale in 2015, Related Colorado has finally dumped Base Village from its portfolio. It has owned the development off and on since 2007. SkiCo owned it before then.

In the new deal, SkiCo and KSL will serve as financial partners while East West will act as the main developer of Base Village. Construction of a Limelight Hotel will begin in the spring and is scheduled to be open for the 2018-19 season. The next priority is a public plaza, which includes an ice skating rink, as well as two buildings that house condos and what’s known as the Discovery Center.

The deal comes almost a year after Snowmass Town Council granted conditional development approval and a day after the subsequent agreements between Related and the government were solidified. The development has been stalled for eight years.

East West attempted to buy Base Village last year but backed out in December for a number of reasons, according to Andy Gunion, CFO for the company who led the acquisition. He said now it’s time to get to work.

“We know it’s been a long road for the community and for town government, and it hasn’t been an easy process … we’re honored to be in the position to hopefully bring it to completion,” Gunion said.

Related Senior Vice President Andrew Chance said it’s business as usual for Related Colorado's 44 employees as East West intends to retain the approximate 20 Snowmass Hospitality employees working in Base Village while Related Colorado will continue to own and operate the mall, Snowmass Mountain Chalet and Snowmass Inn with its current staff.

 

The sale is expected to finalized by December.