Boulder group buys Aspen Club out of foreclosure

ASPEN — Meriwether Cos., a Boulder-based real estate investment and development company, announced this week that it has purchased the Aspen Club & Spa site, with plans to build a new resort on the five-acre property.

The company partnered with Revere Capital and Fireside Investments LLC to purchase the dormant property for just under $52.6 million after posting the winning bid last month at a Pitkin County foreclosure auction. 

The former owners, a group led by Michael Fox, attempted to redevelop the Aspen Club, which began as a tennis facility in 1976, but ran into financial difficulties after closing the club for construction in 2016, according to media reports. As a result, contractors were left with millions in unpaid bills, and the owners faced lawsuits and ultimately foreclosure. 

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Meriwether intends to revitalize the 144,248-square-foot facility, which will feature “hospitality, culinary, fitness, health and wellness offerings,” according to a company news release. 

The company will build a 20-unit lodge and expects to begin construction in the early summer. 

“This is an exciting time for the Aspen Club and we are thrilled to partner with Revere Capital and Fireside Investments to acquire and complete the re-development of this legendary asset,” Meriwether partner Garrett Simon said in the release. “We intend on restoring the Aspen Club to its former role as the center of social and athletic activity within the Aspen community. Our vision involves a focus on family, wellness and meaningful experiences.”