New Boutique Hotel in Parker Secures Financing
PARKER, CO — JLL has secured financing for the development of The Laszlo, a high-end 51-room boutique hotel in Parker by developer Mars Hospitality, LLC. The hotel recently broke ground and is the first phase of development for West End on Mainstreet that aims to provide a welcoming community space for the town.
Part of the Preferred Hotels brand, whose portfolio includes The Broadmoor in Colorado Springs, The Laszlo is a four-story hotel that when complete in the summer of 2019, will feature 14,000 square feet of restaurant, bar, and retail space, including a steak and seafood restaurant, sports bar, martini and oyster bar, diner and tap room. Amenities include a boardroom meeting space and a rooftop seating area for guests. The Laszlo’s mix of upscale retail, expansive dining options, and social atmosphere is a microcosm of what the greater West End on Mainstreet development will feature when completed over the next several years.
The GC for the hotel portion is Superior Builders and the Architect is Associated Architects. Trevey Land and Commercial represented Parker Mainstreet Partners, LLC, the developer of West End on Mainstreet.
Managing Director Baxter Fain, along with Christina Grimme and Maddy Stevenson, led the JLL team on the financing, secured on behalf of Mars Hospitality, LLC, headquartered in Parker. The financing includes a $12,380,000 five-year loan with two years of interest only at 65 percent loan-to-cost and $3,450,000 in joint venture equity through private investors.
“Hotel construction financing in today’s market is getting tougher to do. In this case we have an award-winning development and management team combined with a great site and hotel flag, which all helped get it done.” Fain went on to say, “Raising the joint venture equity took a little time but once everyone saw the metrics and demand for the hotel the equity was over-subscribed.”
Located near the AMC movie theatre on Stage Run Road in Parker, the development aims to tie together Class A office space and retail, several additional restaurants, the AMC movie theater, and pedestrian connections to trails and green space into a dynamic arts and entertainment district.
Parker has experienced remarkable growth in both population and cultural amenities over the past several decades and the town is overdue for a large, mixed-use regional economic center.
Rather than hosting national chains, the project seeks to curate well-known and widely-respected local businesses to serve as tenants. Additionally, the Laszlo will be owned by Mars Hospitality, LLC, headquartered in Parker. Thus, Parker residents can take pride in the fact that the West End will preserve the local charm of Mainstreet, highlight the best their town has to offer, and foster a neighborhood space that is truly their own.