At the beginning of this month, Restoration Hardware announced that it was making a $105 million equity investment in a development project in Aspen, Colorado. When completed, the project will house what the company is calling their "first RH ecosystem," which will include an RH Gallery, RH Guesthouse, RH Bath House & Spa, RH Restaurants, and RH Residences. All of this is fascinating to me from an experiential retail, brand ecosystem, and real estate development standpoint. It also reinforces my belief that differentiated hotels and high-touch hospitality aren't going anywhere, notwithstanding the fact that Airbnb is arguably now the largest "hotel company" in the world. People are hungry for these kinds of curated experiences, and they're going to be positively starving once we get through this pandemic.
Here's a bit more about the concept taken from the company's press release:
Aspen has been selected to develop the first RH ecosystem inclusive of an RH Bespoke Gallery, RH Guesthouse, RH Bath House & Spa, RH Restaurants, and our first RH Residences. The RH Gallery on Galena, currently under development, will offer two floors of the RH Interiors, Contemporary, Modern, and RH Ski House collections, plus Interior Design, Architecture, and Landscape Architecture services. Additionally, the Gallery will include a transparent glass rooftop restaurant with views of Aspen Mountain, a Wine & Barista Bar, plus two private dining rooms with fireplaces and retractable roofs. The RH Guesthouse at the Historic Crystal Palace, also currently under construction, will feature guest suites with fireplaces, a live fire restaurant, wine vault, private rooftop pool and dining terrace with views of Aspen Mountain, and the brand’s first RH Bath House & Spa. The RH Residences at the Historic Boomerang Lodge will include up to five fully furnished four bedroom custom homes, and The RH Residence on Red Mountain will be a fully furnished six bedroom home with multiple terraces and an infinity pool with views of downtown, Aspen Mountain and Independence Pass. All of the RH Residences will include membership to the RH Bath House & Spa, plus priority reservations at the brand’s restaurants and private dining venues.
