Northridge Capital Announces Groundbreaking for W Aspen

WASHINGTON, June 8, 2017 /PRNewswire/ -- Northridge Capital, LLC, owner of the Sky Hotel in Aspen, Colorado, in partnership with local developer Sarpa Development, is pleased to announce that it closed last month on construction financing for its redevelopment of the property, prominently located at the base of Aspen Mountain in the heart of town, obtained construction permits from the City of Aspen, and broke ground on the project on Friday, May 26. Northridge selected Marriott International's W Hotels as operator for the new hotel and residences last year. An entity owned by one or more funds managed, directly or indirectly, by Fortress Investment Group LLC (NYSE: FIG) is providing construction financing, and Haselden Construction of Denver is the general contractor.

W Aspen and The Sky Residences at W Aspen, which is slated to open for the 2018-19 winter ski season, will be the first alpine escape in North America from W Hotels Worldwide.

W Aspen is being designed by the award-winning firms of Rowland+Broughton Architecture of Aspen and Nemaworkshop of New York City, in partnership with W's in-house design team. Locally inspired, this modern-day mountain chalet will celebrate the spirit of Aspen, offering 88 guestrooms, including six suites, and 11 W-branded fractional residences.  An oversized split-level Living Room, the brand's alternative to the staid hotel lobby, reimagines the traditional hotel dining scene with a modern approach to dynamic cocktails and cuisine. To complete the experience of this incomparable location, the hotel will feature a 1,600 square foot outdoor patio and a 12,000 square foot rooftop bar and pool, overlooking Aspen Mountain and creating the ultimate experience for après-ski and warm-weather events.

A full-service ski shop will provide guests with equipment rentals and storage capabilities, while an 1,100 square foot FIT^®, the W brand's modern gym concept, will aid travellers in staying in shape on and off the slopes. With more than 1,600 square feet of event and meeting space, W Aspen is sure to become an attraction for spectacular events and high energy meetings at the base of Aspen Mountain.

The Sky Residences at W Aspen will also provide a unique opportunity to call both W and Aspen home. The Sky Residences at W Aspen will offer the marketplace the newest ski-in residential inventory, boasting the first slope side address in downtown Aspen since the opening of the Residences at The Little Nell.

The Sky Residences at W Aspen will be a unique offering of only 11 fractional residences. Each Residence is located on the third or fourth floors of W Aspen, with commanding views of Aspen Mountain and the Aspen area. Owners will enjoy all the services and amenities of the W Aspen and will also have their own private rooftop deck with a pool and gathering areas.

About Northridge Capital, LLC
Northridge Capital, LLC, is an independent real estate asset private equity firm that has invested since its founding in 1997 in nearly 50 assets on behalf of its investors, with a combined acquisition value of approximately $1 billion. Based in Washington, D.C., the company focuses on generating superior risk-adjusted returns for international high net-worth individuals and institutions. It acquires, manages, and sells real estate assets across a wide variety of property types and geographic areas. For more information, visit www.northridgecapital.com.

About Fortress Investment Group
Fortress Investment Group LLC (NYSE: FIG) is a leading, highly diversified global investment firm with $70.2 billion in assets under management as of March 31, 2017. Founded in 1998, Fortress manages assets on behalf of over 1,800 institutional clients and private investors worldwide across a range of credit and real estate, private equity and traditional asset management strategies. For more information, visit www.fortress.com.

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SOURCE Northridge Capital, LLC

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