Aspen REIT’s Reg A+ IPO Qualified by SEC
Aspen REIT Inc., a single-asset real estate investment trust, announced that its $33.5 million Regulation A+ initial public offering has been qualified by the SEC.
The recently-formed Aspen REIT Inc., a single-asset real estate investment trust, announced that its $33.5 million Regulation A+ initial public offering has been qualified by the SEC.
Aspen REIT is offering 1,675,000 shares at $20.00 per share in the IPO and has applied to list its common stock on the New York Stock Exchange under the ticker symbol “AJAX.” Upon closing of the IPO, Aspen REIT will be the first single-asset REIT to list on a national securities exchange in the United States.
Aspen REIT intends to use substantially all of the net proceeds from the IPO, together with equity in Aspen REIT’s subsidiary operating partnership, to acquire the St. Regis Aspen Resort in Aspen, Colorado.
St. Regis Aspen Resort is a full-service, 179-room luxury hotel with four onsite food and beverage outlets and 29,000 square feet of indoor and outdoor conference and banquet venues. The resort is managed by a subsidiary of Marriott International Inc.
Aspen REIT is externally managed by a majority-owned subsidiary of Elevated Returns LLC, a New York-based real estate asset management and advisory firm. Maxim Group LLC is the lead managing selling agent for the offering.
