San Antonio-based Kairoi Residential, a vertically integrated multifamily investment, development and property management company with an office in Denver, recently purchased the Ramada by Wyndham Denver Downtown hotel, located at 1150 E. Colfax Ave. Kairoi paid $14.15 million, according to property records.
The developer plans to demolish the hotel and build a seven-story 334-unit apartment project, according to a site development plan submitted to the city. The site is zoned for development up to eight stories.
Plans also set aside 6,000 square feet of ground floor retail/restaurant space, a third-floor amenity deck with a pool and spa, as well as a 412-space parking garage.
Ramada by Wyndham is owned by Keys of Denver Hospitality LLCA. A timeline for the hotel’s closure is not yet known.
Photo courtesy of Wyndham Hotels