Why no Marriott vacation club in Aspen???

[Potential Buyer Scott]

Does anyone know why there is no vacation club in Aspen? This would seem to be an ideal place for a high-end location, and with real estate price falling, I would think Marriott would take the opportunity to purchase the land.

PBS

 

[Steve]

Marriott likes to build large timeshare resorts with a great many units. The town of Aspen, in contrast, likes small boutique-size resorts. Aspen has very strict zoning laws. It is doubtful to me that Marriott and the town of Aspen would be able to agree on a development plan that Marriott would find profitable and worth the effort. Marriott does better in places like Park City, Utah where the town is much more pro growth.

Steve

 

[ondeadlin]

There's a Ritz Carlton Residences going in at Aspen Highlands. In theory, this could have been a Grand Residences property - they're both fractionals - but Marriott will make a much higher premium off Ritz fractionals.

And, yeah, Aspen is very anti-timeshare these days. Can't see them approving a straight MVCI property.

The most recent Marriott ski property was supposed to be a Grand Residence in Keystone, but the project fell through. Was never really clear why. There was talk of a partner pulling out. The economy was probably part of it. But there was also speculation here that Keystone wasn't really a good fit for a Grand Residence, as it's not a particularly high end ski destination.

I heard rumors last winter they're casting about for another property - Steamboat, Breck, Tahoe (not Heavenly) and Beaver Creek mentioned.