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Aspen REIT IPO Withdrawn

Company Needs to Make Modifications to Offering
March 6, 2018
A first-of-its-kind real estate offering has been withdrawn months after Aspen REIT Inc. said it would raise $33.5 million by offering shares in the St. Regis Aspen Resort.

Aspen REIT in November said that it would form the country’s first single-asset real estate investment trust by offering shares in the upscale Aspen hotel. The offering was made possible by a provision in the 2012 Jumpstart Our Business Startups Act.

But the company said this week that it would withdraw the common stock from the New York Stock Exchange American, following an announcement on Feb. 21 that it was postponing the offering in order to make modifications to its structure.

Now, Stephane De Baets, CEO of Aspen REIT, said that the company needed to modify its offering process in order to complete the IPO and the NYSE American listing as soon as possible.

"Aspen REIT has not arranged for listing and/or registration on another national securities exchange or for quotation of its common stock in a quotation medium as defined by applicable regulations," the company said in a statement.

The company had planned to offer 1.675 million shares at $20 per share with the goal of raising about $33.5 million in gross proceeds that would be used to acquire a 100 percent indirect interest in the 179-room St. Regis Aspen Resort.

The offering was to serve as a way for people who might not otherwise be able to invest in real estate to place money in a property, De Baets told CoStar News when the filing was announced.

Molly Armbrister, Denver Market Reporter  CoStar Group   

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