Developers of Base Village Seek New Operator
April 5, 2007
ASPEN, Colorado – Related WestPac has named the Kor Group as the top candidate for new ownership of their Base Village Resort.
Related WestPac, a privately held investment and development company, had to look for new ownership options after their purchase of the resort from the Aspen Skiing Co./Intrawest partnership last month. After the purchase, their contract with Westin Hotels & Resorts – under Starwood Hotels & Resorts Worldwide Inc. – fell apart.
However, according to WestPac's Carey Shanks, Westin has not been eliminated from the list of possible operators. A building permit for the construction phase which contains the hotel (phase 2A), cannot be issued until an agreement is reached with a nationally recognized hotel chain. The same stipulation in the approval for Base Village says that the operator must be a four-diamond hotel; a condition which can only be changed by a three-quarters vote of Town Council.
The Kor Group does not have the four-diamond designation. They operate 11 boutique hotels, whereas Westin has 120.
Related WestPac, a privately held investment and development company, had to look for new ownership options after their purchase of the resort from the Aspen Skiing Co./Intrawest partnership last month. After the purchase, their contract with Westin Hotels & Resorts – under Starwood Hotels & Resorts Worldwide Inc. – fell apart.
However, according to WestPac's Carey Shanks, Westin has not been eliminated from the list of possible operators. A building permit for the construction phase which contains the hotel (phase 2A), cannot be issued until an agreement is reached with a nationally recognized hotel chain. The same stipulation in the approval for Base Village says that the operator must be a four-diamond hotel; a condition which can only be changed by a three-quarters vote of Town Council.
The Kor Group does not have the four-diamond designation. They operate 11 boutique hotels, whereas Westin has 120.
