The initial public offering of the St. Regis Aspen Resort hotel has been postponed indefinitely.
A statement issued shortly after 5 p.m. Wednesday from Aspen REIT Inc., the name of the single-asset investment trust that would have been traded on the New York Stock Exchange, said the IPO is off the table for now.
“Interest in our single-asset real estate offering was strong among international and high-net-worth investors,” said Stephane De Baets, who is the CEO, president and chairman of Aspen REIT. “However, we decided to pull the deal in order to retool our crowd-funding distribution channel in order to create a seamless conversion of the robust traffic to our site.
“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.”
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