Aspen Hospitality Forms Strategic Joint Venture With Continuum Partners
Continuum Partners LLC, a Denver-based real estate developer specializing in building urban, mixed-use projects, has announced that it has sold an interest in the Hotel Born to Aspen Hospitality, the hospitality division of Aspen Skiing Company. The newly formed joint venture marks the beginning of the hotel's future conversion to Limelight Denver under the operation of Aspen Hospitality in 2023. Rick Rush of CBRE represented Continuum in the deal. Hotel Born will continue to operate as usual until the conversion to Limelight occurs, with the partners ensuring a seamless transition for hotel staff and booked guests.
"With Limelight Denver, we are excited to expand our brand beyond mountain and ski locations into an urban market," said Alinio Azevedo, Chief Executive Officer, Aspen Hospitality. "The Limelight portfolio has become synonymous with community and adventure, making Denver a natural fit for the brand. The city is a launch-point for many guests who come to experience Colorado's great outdoors and we're thrilled to embrace the local character of this market as we move into our next chapter of growth."
When the transition is complete, Limelight Denver will join Aspen Hospitality's growing Limelight portfolio which includes Limelight Aspen, Limelight Snowmass and Limelight Ketchum with additional hotels slated to open in Boulder, Colorado and Mammoth, California.
Hotel Born opened in 2017 and was developed by Continuum Partners, who served as co-master developer of the Union Station Neighborhood. The property features 200 guest rooms and suites – all of which will be updated in conjunction with the transition to the Limelight brand. The hotel is also equipped with approximately 14,000 square feet of class-A meeting space and a restaurant offering, which may be re-concepted as part of the conversion.
"Hotel Born was integral in bringing the Denver Union Station neighborhood to life" said Mark Falcone, Continuum's Founder and CEO. "Looking to the future, we are especially excited about the deep brand equity that Aspen Hospitality and Aspen Skiing Company have developed with high-value travelers, and we are proud to partner with them in the stewardship of this legacy asset."
Continuum Partners will retain exclusive ownership of the adjacent mixed-use property, known as Block A, including the office building at 1881 16th Street, two leased retail spaces, and the acclaimed Tavernetta and Sunday Vinyl restaurants (both operated by Frasca Hospitality Group).
