Avison Young has completed a 3-acre land acquisition for the development of a 122-room WoodSpring Suites Hotel in Centennial. The land was purchased for $1.2 million and construction for the project is anticipated to complete in late 2024.
WoodSpring Suites Hotel is an extended stay brand from Choice Hotels International, Inc., one of the world’s largest hotel chains which owns 20-plus hotel brands ranging from upscale to economy.
Avison Young Principals Rick Egitto and Howard Schmidt represented the buyer, Denver-based KT Development. The seller, Paragon Financial Partners, was represented by Bo Pitto, Chris Schultz and James McGill of JLL.
The site is within a larger development called Potomac Park & Industrial Complex, which is situated on just over 154 acres and is well-located a short drive from Centennial Airport, Denver Technology Center, and Inverness Business Park. It is also proximate to Interstate 25, E-470, Arapahoe Road, and Parker Road (Highway 83).
Over the past two years, Egitto has led the Avison Young land search team on behalf of KT Development, which is currently seeking an additional 15 hotel sites throughout the state of Colorado.
Luke Taylor, managing member with KT Development stated, “The Avison Young team is standing up to the task of identifying strategic locations for our Colorado hotel site selection requirements. They take the time to physically visit potential locations as opposed to just searching online. They are thorough and delve into examining traffic patterns, business drivers, and available economic incentives, and examine water costs, mill levies, and potential zoning issues, among other challenges. This takes real dedication to our mission to identify the significant number of sites we are seeking within a two-year timeframe.”
Jeff Kochevar, managing member with KT Development added, “Our hotels, be they WoodSpring Suites or EverHome, also function well as Attainable Housing in mountain communities. With the right incentives, we can deliver a significant amount of rooms at a favorable price compared to home ownership, which is especially useful for a seasonal workforce or where affordable employee housing is a significant problem.”
Previously, Egitto and Schmidt represented Genesis in its acquisition of a WoodSpring Suites Hotel site in Greeley, which should deliver in March of this year. Other new WoodSpring Suites hotels are located in Thornton, Broomfield, Colorado Springs, and Ft. Collins.
KT Development was developed as a partnership between the leaders of Entitlement and Engineering Solutions, Inc. (EES) and the construction services of DSP Builders. This combination provides the optimal turnkey solution for commercial real estate development, with a current focus on the hospitality industry.