ASPEN HOSPITALITY FORMS STRATEGIC JOINT VENTURE WITH CONTINUUM PARTNERS

New ownership group set to convert Hotel Born in Denver to Limelight Hotel in 2023, becoming the first urban hotel for the Limelight brand

DENVER and ASPEN, Colo., Feb. 22, 2023 /PRNewswire/ -- Continuum Partners LLC, a Denver-based real estate developer specializing in building urban, mixed-use projects, announced today 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 16^th Street, two leased retail spaces, and the acclaimed Tavernetta and Sunday Vinyl restaurants (both operated by Frasca Hospitality Group).

ABOUT ASPEN HOSPITALITY

Aspen Hospitality is the hospitality division of Aspen Skiing Company with a portfolio of owned and operated hotels and residences that currently consists of The Little Nell, Aspen's only Five-Star, Five-Diamond, ski-in/ski-out hotel; and its affiliated Residences at The Little Nell, both of which are located at the base of Aspen Mountain; as well as the Limelight Hotel Aspen and Limelight Hotel Snowmass in Colorado; and the Limelight Hotel Ketchum near Sun Valley in Idaho. Currently in development are two additional Limelight Hotels in Mammoth, California, and Boulder, Colorado, slated to open in 2024 and 2025, respectively. The company also owns and operates the ASPENX Mountain Club and the Snowmass Mountain Club.

ABOUT LIMELIGHT HOTELS

Limelight Hotels are contemporary properties set in the heart of authentic mountain and urban communities. The Limelight Hotel Aspen, in downtown Aspen, Colorado, is just steps from the slopes and the downtown core. The Limelight Hotel Ketchum is situated in Ketchum, Idaho, near the base of Sun Valley's famed ski area, Bald Mountain, and walking distance to the town's shops and restaurants. The Limelight Hotel Snowmass in Snowmass, Colorado, is the only ski-in/ski-out property, and is located adjacent to the Elk Camp Gondola with access to 3,362 acres of terrain. All Limelight properties are designed around the communities and activities where they are located. Learn more at www.limelighthotels.com

ABOUT CONTINUUM PARTNERS

Continuum Partners, LLC is a progressive development firm specializing in building urban mixed-use developments that create successful pedestrian environments and integrate effectively with the surrounding urban fabric. Founded in Denver, Colorado, in 1997 with a deliberate mission to create sustainable human habitats of extraordinary character and enduring value, Continuum Partners has established itself as a national leader in urban, mixed-use, large-scale projects including Belmar and the Union Station Transit Hub, both of which won the ULI Global Award of Excellence, as well as 9+CO, Market Station, Bradburn Village, 16 Market Square and Produce LA in Los Angeles, among others. Learn more at www.continuumpartners.com.

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SOURCE Aspen Hospitality