RH makes big real estate investment in Aspen
RH (formerly known as Restoration Hardware) is making an equity investment of $105 million in real estate in Aspen, Colo., that includes properties that will be developed into retail locations, hospitality concepts, residential developments and workforce housing projects.
The luxury home furnishings retailer will use the Aspen initiative to launch its first “ecosystem,” which will encompass a retail store (or gallery in RH speak), guesthouse, bath house & spa and restaurants — all under the RH brand. It will also encompass the company’s first RH Residences.
The RH Gallery, currently under development, will include two floors of retail along with interior, architecture and landscape services. It will also feature a transparent glass rooftop restaurant with views of Aspen Mountain, a wine & barista bar and two private dining rooms with fireplaces and retractable roofs.
The RH Guesthouse, also currently under construction, will feature guest suites with fireplaces, a “live fire” restaurant, wine vault, private rooftop pool and dining terrace and the brand’s first bath house & spa.
The RH Residences will be in two locations. Five fully furnished, four-bedroom custom rooms will be located at the Boomerang Lodge. The RH Residence on Red Mountain will be a fully furnished, six-bedroom home with multiple terraces and an infinity pool.
All the homes will include membership in the bath house & spa, plus priority reservations at RH’s restaurants and private dining venues.
The RH gallery, guesthouse and spa are expected to open next year.
“We believe Aspen represents a singular opportunity to elevate the RH brand by exposing the world of RH to the world’s most affluent and discerning customers in a single, walkable market,” said Gary Friedman, chairman and CEO, RH. “Additionally, we believe the education RH will gain from a real estate development and ownership perspective will be immeasurable as the brand builds its global ecosystem of products, places, services, and spaces.”
The equity investment by RH is being funded from its existing cash balances. The company plans to operate the RH-branded businesses as part of the Aspen ecosystem and to be a real estate investor and partner for the remaining properties.
RH currently plans to open the RH Gallery on Galena, and the RH Guesthouse at the Historic Crystal Palace, which will include the Company’s first RH Bath House & Spa, in 2022.