ASPEN, Colo. — In an unprecedented move, the luxury home furnishings company RH (formerly known as Restoration Hardware) this week quietly shared plans to invest $105 million in Aspen real estate — including the addition of a two-story downtown storefront, two restaurants, multiple residences and a boutique hotel, bath house and spa at the site of the now-defunct Crystal Palace.
As of Dec. 31, RH is not only a long-term tenant of said properties but also a part owner, Aspen developer Mark Hunt, who owns a number of the buildings involved, confirmed Thursday evening.
“It’s a big deal,” Hunt said of the announcement.
RH, which dubs itself “a curator of design, taste and style in the luxury lifestyle market,” is referring to the Aspen buyout — a first for the home furnishings company — as an “ecosystem.” Aspen will serve as the guinea pig for the concept as RH eyes future opportunities to develop similar ecosystems.
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RH commits $105 million to Aspen real estate ‘ecosystem’
