Hotel Jerome Facing Foreclosure Auction

by Deidre Woollard (RSS feed)
Sep 30th 2009 at 11:02PM

I'm sorry to hear this news, the Wall Street Journal is reporting that another grand resort has hit hard times. Aspen's historic Hotel Jerome, has been scheduled for an auction. The hotel, which opened way back in 1889, was purchased in 2007 by a pair of investors, Elysian Worldwide LLC and Lodging Capital Partners LLC. The deal was financed with a $48 million mortgage provided by Morgan Stanley Mortgage Capital Inc. Now an entity identified as Jerome Property LLC has said that the owners failed to pay the mortgage's $36.3 million balance. The foreclosure filing was recorded on September 24 and the foreclosure auction will be held in January unless something changes.

Meanwhile, the hotel, which is managed by Rock Resorts, remains open and is preparing for the busy ski season with a bunch of special offers and packages. The hotel is one of Aspen's most beloved landmarks and the J-Bar is a popular destination famous for the Aspen Crud, a milkshake and bourbon concoction that is a bit like a Mudslide that punches you in the gut.

Gallery: Hotels In Transition

Tags: aspen, colorado, foreclosure, hotel foreclosure, hotel jerome, HotelForeclosure, HotelJerome

Filed under: Luxury Travel & Hotels

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Reader Comments (Page 1 of 2)

RJAMESS Oct 1st 2009 3:07PM

I guess the better off will soon have to use Motel Six and Hampton Inn establishments if these grand resorts keep failing. Not that either of those Interstate junction staples are bad but it just is not the same thing. A park full of semis and screaming traffic do not compare with snow covered mountains, pine forests and candlelit dinner in front of a roaring log fire.

SERVICEMASTERWV Oct 1st 2009 3:15PM

and we care why ??????? what a waste of space aol this as bad as aol thinking we want to see the nitwitts in hollywood houses lol WHO GIVES A RATS BEHIND

Ron Sarson Oct 1st 2009 3:26PM

Right On!

ted Oct 1st 2009 3:53PM

I have 1 question ?what does Obama have to do with it ? I didnt se anyplace that said Obama had anything to do with it.Ron you could do better go to washington and run the country.I know I cant ,but than you forget 1 thing Ron the preseident cant do nothing without the congress's say so.The people spoke and the voted him in so live with it our go to mexico and see if you get a free handout there.

jUDY Oct 1st 2009 5:16PM

Ted, please go back to school and learn how to spell.

tcgoldens Oct 1st 2009 6:54PM

Why go to Mexico the US will soon be Mexico like under the socilist guide of the Obama admisinstration.
Also the President dose do some things he sets the direction of the country and could keep the congress in check when they go too far like the present congress.
But because Obama is a Socilist and the Democratic party in control is Socilist we get one party rule with King Obama and congrees stopping the will of the people.
It was a sad day in america when we voted in a Socilist.

THE UNDERGROUND
We are not racest, we just don't like the policy.

jtfee Oct 1st 2009 8:05PM

TCGoldens, please go back to school and learn how to spell. Oops! That was Judy's contribution to the discourse.

bobby Oct 1st 2009 4:03PM

OH! BOO HOO!

Mike Oct 1st 2009 4:26PM

I'm so distressed that we are losing so many expensive hotels, none of which I can afford to stay at anyway. This place is so expensive I can't even afford to look at the picture.

Debster Oct 1st 2009 4:30PM

Hey Ted! Your spelling needs some work, but I loved your message. Republicans have turned into the worst cry babies ever. As for the hotel, looks like just more bad management. How can a popular expensive hotel go under? It's a shame, but there's more important things in the world.

mickey Oct 1st 2009 4:28PM

I can't even afford to look at the picture.

wrl Oct 1st 2009 4:48PM

DEIDRE, EVER HEAR OF SPELL CHECK OR PROOF READING BEFORE SENDING??? THE ASPEN CRUD? IT MAY BE TRUE, LOL

Grand Marnier Oct 1st 2009 5:02PM

Obama has been in office less than a year. It has nothing to do with him. If this place and other multi-million dollar businesses have dropped so far in the toilet in that time, they don't deserve to be in business in the first place.

Stamps1847 Oct 1st 2009 5:02PM

Renowned for relaxed elegance, personalized guest service and unrivaled ambiance, the landmark Hotel Jerome is located in downtown Aspen, Colorado, just steps from the world-famous Aspen Mountain, boutiques, galleries, restaurants and nightlife. Beautifully appointed, each of the 92 luxurious guest rooms and spacious suites is individually decorated in comfortable, sophisticated decor. Special touches include private-label beds, down comforters, feather pillows, high speed Internet access and VCR/DVD players. The wonderfully lavish bathrooms include an oversized bathtub, a separate walk-in shower, a double-basin marble vanity and robes. The hotel's two fine dining restaurants and two bars serve distinctive American cuisine. It is commonly said, “If you haven’t been to the Hotel Jerome, you haven’t been to Aspen."

Owner Jerome Wheeler was best known as the owner of New York's Macy's department store.

Original Property Opened: 1889

Rate Range:
Single/Double: $265.00 to $1080.00
Suites: $745.00 to $1,530.00

I never stayed there. The only reason was because I could not decide between a double or a suite.

James Oct 1st 2009 5:04PM

Renowned for relaxed elegance, personalized guest service and unrivaled ambiance, the landmark Hotel Jerome is located in downtown Aspen, Colorado, just steps from the world-famous Aspen Mountain, boutiques, galleries, restaurants and nightlife. Beautifully appointed, each of the 92 luxurious guest rooms and spacious suites is individually decorated in comfortable, sophisticated decor. Special touches include private-label beds, down comforters, feather pillows, high speed Internet access and VCR/DVD players. The wonderfully lavish bathrooms include an oversized bathtub, a separate walk-in shower, a double-basin marble vanity and robes. The hotel's two fine dining restaurants and two bars serve distinctive American cuisine. It is commonly said, “If you haven’t been to the Hotel Jerome, you haven’t been to Aspen."

Owner Jerome Wheeler was best known as the owner of New York's Macy's department store.

Original Property Opened: 1889

Rate Range:
Single/Double: $265.00 to $1080.00
Suites: $745.00 to $1,530.00

I never stayed there. The reason was I could not decide between a suite or a double.

joe Oct 1st 2009 8:21PM

who cares??? over priced yuppie hotel! let it bite the dust anyway,s would not be the first time something like this has happend!.

bill Oct 1st 2009 6:38PM

So historic I never heard of it

Donovan Oct 1st 2009 7:08PM

This is awful. This beautiful building/hotel going into foreclosure for a pi$$y little 36.3 Million owed on it. It would make a wonderful single family residence. Too bad I can't stand cold weather & snow. Someone is going to end up with a sweet piece of property at a bargain basement price. Hopefully the current owners can modify their loan/mortgage agreement. Flip it to an interest only?