Hotel Lenado: Aspen Colorado on the market for $15.5M

Aspen: Another Lodge looks to sell in Aspen, Colorado.   Call it the Core, call it the Aspen draw, but don’t call it impossible.  Aspen allures the commercial buyer.

The Hotel Lenado was listed for sale today at $15.5 million, and it is being marketed for conversion into a corporate or family retreat for rent.

Erik Cavarra believes that the Price may be inflated and not valued as true “hotel”, however the location and possibility of turning it into a boutique condo/tel or NEW Hotel remains a key to the future sustainability.
The deal includes plans the current owners had drawn up for remodeling the 19-room, 30-year-old lodge into nine luxury suites with ample entertaining areas. With Aspen Snowmass Sotheby’s International Realty, the property as envisioned by the remodel would be geared for a family or group of families that also want to generate rental income.
When the Hotel Lenado opened in 1984, it offered what were then the most expensive rooms in the Aspen market at around $175 a night, according to co-owner Daniel Delano.
Now, nearly 30 years later, Delano said the lodge is in need of an upgrade and has fallen behind the times in the world of ski-town amenities. Rooms in the hotel, which go for between $300 and $500 a night, average less than 275 square feet, Delano said.
“That’s very small by current standards,” he said, adding that new windows and fixtures also are needed.
The Hotel Lenado, located at the corner of Aspen Street and Hopkins Avenue in between two parks, is a “classic piece of architecture,” Delano said, adding that the remodel plans do not include significant exterior changes or an expansion.

The Hotel Lenado went on the market today for $15.5 million.

“After 30 years, it’s getting to be time,” Delano said, adding that he is nearing retirement age. “… It’s the end of an era, but time moves along.
“… I’ve enjoyed very much owning the Hotel Lenado over all these years, so in that regard it is bittersweet,” Delano said.
He estimated that the remodel plans would cost $3 to $4 million to complete.
“It depends on the tastes and finishes” of the buyer, he said.
The deal is similar to one Delano and business partner Frank Peters did on the Sardy House, formerly a bed and breakfast, which they renovated and then sold for $16.25 million in 2006 to a Florida family.
Like the Sardy House, the Hotel Lenado carries a stipulation per city of Aspen zoning that it be made available for rent during high-season periods. For the Hotel Lenado, it must be made available between Dec. 20 and March 20, Morris said.
The Lenado is the second small Aspen lodge in recent months that could see a change in use under new ownership. The Mountain House, a 26-room bed and breakfast on the 900 block of East Hopkins Avenue, is in foreclosure and scheduled for a public trustee’s auction on the courthouse steps on March 27. A new owner would be under no obligation to keep the property as a mid-priced lodge.

http://www.aspendailynews.com/section/home/156981 visit the full article

Property Type: RES w/Improvments N/A Address: 200 S Aspen Street Aspen, CO 81611 Status: Active Asking Price: $15,500,000
	List Number: 128943 Type: Single Family Area: 01-Central Core Major Area: Aspen Sub/Loc: None County: Pitkin Bedrooms: 19 Baths: 19 Baths – Half: 1 Baths – 3/4: 0 Lot Size: 6,001 – 12,000 Acreage: Refer to Lot Size Garage: None Furnished: Yes	List Price Per/SF: 1,192.31 Lv Ht SqFt: 13,000 LvHtSqFt (Abv Grnd): LvHtSqFt (Blw Grnd): Unfinished SqFt: 0 Total SqFt: 13,000 Pt/Dk SqFt: Garage SqFt: Lot SqFt: 9,000 Nbr of Acres: 0.21 Year Built: 1984 Year Remodeled: Zoning: