Elk Mountain Lodge
CASTLE CREEK, ASPEN
52.2Acres
15Beds
19Baths
Livable sq ft25,277
125 Rooney Circle, Castle Creek, Aspen, Colorado
Elk Mountain LodgeEleven Experience Aspen
25,277Livable sq ft
15Bedrooms
19Baths
52.2Acres
Branded residence
Elk Mountain Lodge + Eleven Experience
The first Eleven Experience property managed as a short-term rental lodge. Elk Mountain Lodge is a natural fit for the brand, and the partnership re-establishes it as a world-class, one-of-a-kind lodge — elevating its value.
Castle Creek, Aspen
01 — Property photos
The perfect match
Elk Mountain Lodge today fits the character of Eleven Experience lodges. With a light remodel to the Eleven standards it can become a world-class lodge property.
Each row pairs a photo of Elk Mountain Lodge on the left with a comparable space at an Eleven Experience lodge on the right.
Setting
A log lodge on Castle Creek, bordered on three sides by the White River National Forest.
Living & wellness
Fitness center, a 30-foot Great Room and ten fireplaces across the property.
Bedrooms
Fifteen bedrooms across the main house and seven cabins.
Dining, kitchen & bar
Room to host a full house — a long table, a working kitchen and a den.
02 — Video tour
Walk the property
Short walkthroughs of the main lodge, each guest cabin and the gym. Each video opens on Vimeo in a new tab.
Main Lodge
Three videos, one per floor or wing
Cabins
Six guest cabins and the gym, largest to smallest
Northstar cabin1,896 sf, 3 bedroomsWatch on Vimeo 
Silver Queen cabin1,600 sf, 2 bedroomsWatch on Vimeo 
Gents Ridge cabin993 sf, 1 bedroomWatch on Vimeo 
Trainor’s gym945 sf, fitness center, bathroomWatch on Vimeo 
Homestead cabinHistoric, 425 sf, 1 bedroomWatch on Vimeo 
Last Dollar cabin360 sf, 1 bedroomWatch on Vimeo 
Treehorn cabinHistoric, 254 sf, 1 bedroomWatch on Vimeo 03 — By the numbers
Comparable trophy properties
Elk Mountain Lodge against the closest points of reference: the Eleven Experience portfolio in Crested Butte and the nearby Dunbar Ranch at the base of Independence Pass.
Eleven Experience Crested Butte
SCARP RIDGE, SOPRIS HOUSE & PUBLIC HOUSE LOFTS
N/AAcres
13Beds
12Baths
Livable sq ft~18,120
Kevin Costner's Dunbar Ranch
INDEPENDENCE PASS, ASPEN
151.2Acres
12Beds
8Baths
Livable sq ft14,402
Eleven square footage is approximate, combined across the three Crested Butte properties. Dunbar Ranch acreage and square footage per Pitkin County Assessor across four parcels; bed and bath count per MLS.
04 — Rental comp
Kevin Costner's Dunbar Ranch
The closest rental comp in Aspen shows what an event-ready estate here commands.
$375,000For one week
$75–100KDaily rate
RentalSold out most summer weeks. Daily corporate and wedding rentals in shoulder seasons.
05 — Rental economics
Elk Mountain Lodge using Dunbar Ranch as the rental model
Renting accomplishes two goals:
- Covers carrying costs.
- Provides a stream of potential buyers, who experience the property more intimately than a real estate showing.
| Season | Weeks | Weekly rate | Gross revenue |
|---|---|---|---|
| Summer | 9 | $236,000 – $357,000 | $2.13M – $3.21M |
| Winter | 7 | $217,000 – $322,000 | $1.52M – $2.25M |
| Total | 16 | $228,000 – $342,000 avg | $3.65M – $5.47M |
Net to owner after 40% Eleven fee (placeholder): $2.19M conservative – $3.28M upside.
| Item | Annual |
|---|---|
| Taxes + PM salary + opex (insurance, utilities, maintenance) | $644,000 – $758,000 |
| Debt service (60% LTV, $24.0M loan, 7% interest-only) | $1,680,000 |
| Net cash flow after all costs — conservative | ≈ –$0.19M |
| Net cash flow after all costs — upside | ≈ +$0.90M |
Down payment $16.0M + remodel $7.5M (midpoint of $5–10M) = $23.5M total equity invested.
06 — Pro forma
Five-year hold
Buy at $40.0M, remodel to Eleven's standard, rent under the county cap, and sell in Year 5 through a 1031 exchange.
Ask price$40.0M$1,582/sf
Remodel$7.5MMid of $5–10M
Total equity in$23.5MDown + remodel
Base exit, Year 5$60.0M$2,374/sf
Equity multiple1.36–1.55xConservative – upside
1Purchase
- Price
- $40.0M ($1,582/sf)
- Land / building split
- 20–30% / 70–80% (illustrative)
- Depreciable basis
- $28.0M – $32.0M
- Illustrative Year-1 bonus depreciation
- $5.6M – $9.6M (20–30% cost-seg reclass.)
2Remodel
- Budget
- $5.0M – $10.0M ($7.5M used)
- Scope
- Furniture, FF&E and interiors to Eleven's standard
- Funding / timing
- Equity-funded, Year 1 (offline)
- Bonus-depreciation qualifying
- ≈65% of remodel (FF&E)
3Rental income
- Model
- 16 weeks / 112 nights (9 summer + 7 winter) of 120-night cap
- Gross revenue
- $3.65M – $5.47M
- Net to owner (after 40% Eleven fee)
- $2.19M – $3.28M
4Carrying costs
- Taxes + PM salary + opex
- $644,000 – $758,000/yr
- Debt service
- $1,680,000/yr
- Net cash flow after all costs
- –$0.19M (conservative) to +$0.90M (upside)/yr
5Debt & equity
- Loan (60% LTV)
- $24.0M at 7% interest-only
- Down payment
- $16.0M
- Total equity invested
- $23.5M (down payment + remodel)
6Resale, Year 5
- Base-case sale
- $60.0M ($2,374/sf)
- Net proceeds
- $33.0M after 5% costs and loan payoff; 1031-deferred
- Equity multiple
- 1.36x conservative / 1.55x upside
Five-year resale
Sale price, $/sq ft and equity multiple at 60% LTV with a 1031 exchange. Choose an exit price.
$ / sq ft$2,374
Conservative1.35x
Upside1.54x
| Sale price | $ / sq ft | Conservative multiple | Upside multiple |
|---|
What moves the needle
Five-year equity multiple sensitivity, largest lever first.
- Sale priceA ±$10M swing on the $60M exit moves the multiple ±0.30x.
- Financing rate5% vs. 9% moves the multiple more than the entire remodel range.
- Remodel cost$5M vs. $10M moves the multiple by about 0.20x.
- Leverage (LTV)Under 0.01x effect on the multiple; it matters for cash-flow coverage, not the exit math.
07 — FAQ
Questions, answered
Location, county rules, capacity and the guest experience.
How far is Elk Mountain Lodge from Aspen?
About 20 minutes by car, roughly the same drive as Snowmass Village to Aspen.
What are Pitkin County’s short-term rental rules?
The county allows up to 120 rental nights a year, with a 4-night minimum per booking. Up to three events a year may have more than 50 guests, with a cap of 200 people per event. Gatherings of fewer than 50 people don’t need a permit.
How many guests can the lodge sleep?
About 34 guests across 17 bedrooms, based on two people per bedroom. That count doesn’t include bunk beds.
What activities will guests have?
- Summer
- Hiking, biking, fishing and 4x4 drives
- Winter
- Alpine skiing, cat skiing, cross-country skiing, snowshoeing and snowmobiling
What’s nearby?
- Pine Creek Cookhouse — a destination restaurant reached by horse-drawn sleigh in winter and a favorite bike ride in summer
- Ashcroft Ski Touring — about 22 miles of scenic cross-country ski trails
- American Lake and Cathedral Lake — two of the valley’s classic hikes
- Aspen Center for Environmental Studies — naturalist-led tours
- Ashcroft ghost town — guided tours of the old mining town
What would it take to meet Eleven Experience’s standards?
Mostly new furniture, fixtures and equipment (FF&E). Some cabin bathrooms may need updating, and air conditioning would be added to the bedrooms. A more complete spa is also being considered.
Is the property sold furnished?
Yes. Nearly all of the furniture from the auction sale stays with the property. Only the previous owner’s artwork and personal items were removed.
Who are the target guests?
- Eleven Experience’s booking network, including its popular Aspen-to-Crested Butte hiking trip and its winter cat-skiing operation
- Corporate retreats that want a more memorable gathering than a hotel conference room
- Wedding parties that book the whole property for a week
- Brands hosting dinners and events at an iconic location