Denver, CO – Holliday Fenoglio Fowler, L.P. (HFF) arranged $25.735 million in acquisition financing for the Colorado Springs Marriott, a 309-room, full-service, Marriott-branded hotel in the northern part of Colorado Springs, Colorado.
HFF worked on behalf of the borrower, a partnership between Portfolio Hotels & Resorts, West Point Partners and Lions Gate Capital, LLC, to arrange the 10-year, fixed-rate, securitized loan, which HFF will service.
Originally completed in 1989, the nine-story Colorado Springs Marriott features approximately 23,000 square feet of flexible indoor and outdoor function space; indoor and outdoor pools and spas; a fitness center; business center; concierge and The Ascent, a full-service, three-meal restaurant. The seller completed $3.8 million in capital improvements in 2016, which the borrower will expand upon with an $8 million property improvement plan that will fully renovate the hotel.
Situated on 12.47 acres at 5580 Tech Center Drive, the hotel is in the heart of north Colorado Springs and proximate to the majority of the city’s Class A office space, major employment drivers and the U.S. Olympics Training Center. Additionally, Colorado Springs Marriott is four miles from the Garden of the Gods and 10 miles from the United States Air Force Academy, which is home to nearly 4,500 cadets and attracts approximately one million visitors annually.
The HFF debt placement team representing the borrower was led by senior managing director Eric Tupler and associate director Kristian Lichtenfels.
Image courtesy of HFF
