Would-Be Single-Asset REIT Delays Initial Offering
Aspen REIT, an investment vehicle that had aimed to sell shares in the St. Regis resort in Aspen, Colo. as America’s first publicly traded single-asset real estate investment trust has postponed its opening salvo, according to a statement from the company.
Its IPO on the New York Stock Exchange had been scheduled for some time in February.
“We decided to pull the deal in order to re-tool our crowd-funding distribution channel in order to create a seamless conversion of the robust traffic to our site,” the REIT’s founder, Stephane De Baets, said in a statement. “We continue to believe the St. Regis Aspen Resort is an extremely attractive trophy asset and there is a future for publicly traded single-asset REITs.”
De Baets planned to sell 1.675 million shares at $20 each—49 percent of the equity in the resort. In all, the sale would have valued the luxury hotel at $187.8 million.
A representative for the REIT did not immediately respond to a request for details about the organization’s plans or the expected timing of the postponed offering.