Restoration Hardware, now simply called RH (NYSE: RH), is entering the real estate market, and true to its brand, let's just say the new foray won't be in the affordable housing arena.
This RH mixed-use development will be upscale luxury all the way, and the location: Where else? Aspen, Colorado, where the "world's most affluent and discerning customers," live, says RH CEO Gary Friedman.
True luxury real estate
If you've ever been inside an RH retail establishment, the experience feels more like you're visiting a museum than shopping at a furniture store -- within each room on each floor are understated luxury items staged just so. If fact, RH calls its stores "galleries," probably to better reflect the sophistication vibe the company is known for.
What to expect next
RH continues its luxury concept with an RH ecosystem project at a price tag of $105 million. There will be a two-story gallery, two restaurants, a guesthouse, and a bathhouse with a spa. RH figures you'll love the experience so much, you won't want to leave, so there will also be RH Residences. The whole project, according to Mark Hunt, an Aspen developer, is "a big deal."
Here's a further breakdown on what's planned.
The RH gallery
The retail store, or gallery, is what put Restoration Hardware on the map. The new Aspen gallery will be a two-story building between 25,000 and 30,000 square feet and will house two other commercial spaces, not part of RH. The furniture offerings will be modern, contemporary, and -- what else -- ski-themed.
The RH restaurants
The upper level of the new gallery will house a restaurant with a wine and barista bar that will sit under a glass rooftop. There will also be two private dining rooms with retractable roofs and fireplaces. Another RH restaurant will be located in the new guesthouse (see below).
The RH Guesthouse with bathhouse and spa
The boutique hotel, or guesthouse, will occupy the former Crystal Palace. The guest suites will be on the main level, a restaurant and private pool will be on top, and a bathhouse with spa will be on the lower floor.
RH homes will occupy the historic Boomerang Lodge, which developer Hunt purchased in 2018. Plans call for up to five fully furnished (of course) homes. And yet another RH home will be on Red Mountain and will also be fully furnished with six bedrooms, an infinity pool and, naturally, spectacular views.
All RH homes will have access to the bathhouse/spa and housekeeping services. And it's likely the residents of an RH home will have no trouble getting into the restaurants whenever they like.
The Millionacres bottom line
Keep your eyes on this RH mixed-use luxury development expected to debut sometime in 2022. This Aspen project serves as a test for the company. If successful, RH plans to develop similar developments in other parts of the country.