'Ritz Highlands' Heads North To Tahoe, Eyes Utah

July 14th, 2006 at 06:05am Post Staff 43

With sales of fractional real estate growing like topsy in Aspen and sundry luxurious locations, the Ritz-Carlton Club announced Thursday the concept is being extended once again into additional locations, including a third skiing property—to go with Aspen Highlands and Bachelor Gulch at Beaver Creek—at the Northstar at Lake Tahoe resort in California, called The Ritz Highlands, Lake Tahoe.

Ritz-Carlton Club Aspen Highlands project director Tina Necrason said the Ritz is also actively exploring an expansion to an additional site in Utah. She said the Ritz hoped to grown heretofore by one to two clubs per year.

“The majority of our customers already have an affinity with the brand,” Necrason said. “We did research with our hotel guests… All that data and research…helped us create this whole package.”

With 2,700 Club members nationwide, the Ritz grew from the Highlands launch in 2000 to the aforementioned Beaver Creek; Jupiter and South Beach, Florida; St. Thomas, Virgin Islands; San Francisco, California; and Kapalua Beach, Hawaii.

Fractionals are booming, accounting for 53 percent of all 2005 real estate sales in Aspen and Pitkin County, according to numbers provided by the Ritz. Colorado has more fractional properties than any other state in the country, 32 in 2005 and growing exponentially. Nationwide, fractional sales have grown from $513 million in 2003; to $1.5 billion in 2004; to $2 billion in 2005, according to the NorthSource market research firm.

“There’s a lot of reasons why,” said Ritz spokesperson Sheri Heedum during a press luncheon Thursday at the Willow Creek Bistro at the Ritz Highlands.

Necrason said at the luncheon the Aspen club property has 73 two- and three-bedroom residences with 1/12 share interests available for purchase. Each club member is assigned a “personal concierge” to attend to their cares and woes.

One surprise at the Ritz Highlands: “The profile is quite young,” according to Necrason, with the average age of club members at 45, a far cry from the geriatric profile associated with other parts of Aspen. Necrason said some members have homes in Aspen and own a fractional at Ritz, and others have multiple Ritz Club memberships.

“We’ll be here a hundred years from now,” Necrason said to explain the appeal of putting on the Ritz compared to unbranded properties.

Entry Filed under: Hotels, Real Estate, Aspen, Colorado, Travel, Business, Pitkin County, Fractionals, Fractional Post, Resorts