Just one day after the Aspen Club and Spa received approval from the Aspen City Council the current managing partner, Michael Fox, left town for a family vacation. There have been some suspicions that Fox intended all along to secure approval for the new timeshare development and then leave it to a different developer to finish the job.
Fox claims that this notion is ludicrous and there is no way he is leaving the project. The idea of Aspen Club Living is a marketing concept that will be used to sell the new timeshare properties. The pitch will be about a rejuvenating retreat for your mind body and spirit. The timeshare sales will be used to help finance a major renovation and remodeling for the club which will help secure that the club stays open well into the future.
While the timeshare and fractional ownership properties are in huge supply, enough for about three or four years worth, rate of sales are going down. However the average cost for a fractional ownership or timeshare is around $500,000 according to a report from the Land Title Guarantee Company. The timeshare profits will also be used to improve the health and wellness of the local community residents. There will be a .25% assessment added to each timeshare to fund this community project.
Despite some doubts that this development is not in the best interest of the Aspen community Fox says the chances of this project actually coming into fruition are “pretty good”.