Holiday Inn Express & Suites DTC Sells for $9.2M
ENGLEWOOD — The Holiday Inn Express & Suites, a 92-room hotel in Englewood, Colorado has sold for $9.2 million, according to Bob Kaplan, regional manager of Marcus & Millichap’s Denver office.
Neville Rustomjee, an investment specialist in Marcus & Millichap’s Denver office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by Mr. Rustomjee.
The hotel, located at 7380 S Clinton Street, is in the heart of the Denver Tech Center. The property’s prime location attracts both business and leisure guests, with close access to Cherry Creek State Park, countless businesses, and a light rail station within one mile. Mr. Rustomjee approached the Intercontinental Hotel Group (IHG) to inquire about converting the hotel to an upscale ‘even’ brand, moving the hotel from an ‘upper-mid scale’ brand to an ‘upscale’ brand. The hotel is currently a Holiday Inn Express & Suites, and will be converted to a Country Inn & Suites by May 2018.
The hotel was sold only two years prior for $7.05 million. Marcus & Millichap found an out-of-state buyer from Florida who paid $9.2 million for the property.
“Colorado’s strong economy attracts buyers from out of state. Despite being in their late stage of the market cycle, experienced brokers can add value using creative strategies like up-flagging the existing brand,” said Mr. Rustomjee. “Strong relationships with franchise representatives increases the possibility of success.”
Photo courtesy of Marcus & Millichap