Greenwood Village-based NexGen Properties, a private real estate acquisition, development, and investment firm focused on underperforming assets or debt instruments, recently completed a $3 million renovation of the 74-key Hampton Inn and Suites by Hilton in Greeley, located at 2350 West 29th Street.
Originally built in 2006, the 3-story, 48,980-square-foot hotel received a complete makeover including all guestrooms, check-in desk, market, meeting space, fitness center, pool, corridors, and the entirety of the exterior of the hotel. The property also received all new soft goods and technology upgrades.
NexGen Properties’ partner and operator Renascent Hospitality dutifully managed the hotel’s renovations. Scott Somerville, president and CEO of Renascent Hospitality, remarked “We and our guests could not be more thrilled with the renovation outcome. The hotel was in desperate need of a facelift, and we were successful in delivering an all-new guest experience. The feedback from our loyal guests has been overwhelming, to say the least.”
The general contractor for the renovation was Hotel Rehabs, a nationwide hotel renovation company specializing in brands including Hilton, IHG, Marriott/Starwood, and Hyatt branded properties in the upper mid-scale to upper upscale spaces. Since 2010 the principals of Hotel Rehabs have completed more than 85 hotel construction projects totaling over 9,400 guestrooms throughout the country, with projects ranging from 50 to 500 guestrooms.
JerryAn Amos, principal of Chandler, Arizona-based Interior Envy, led the design of the hotel. She believes that interior design uses the environment to visually define the identity of the business itself.
“The design of the Hampton Inn Greeley hotel uses modern elements while bringing in warm, lodge-like colors and textures along with artwork representative of the geographical location of the hotel,” commented Amos. “We always begin our designs by researching the city in which the hotels are located in order to appropriately represent the surrounding area to visiting guests. In this case, we brought in design elements that relate back to the city’s agricultural history, surrounding natural environment, and, since we knew Greeley hosts the Independence Stampede every summer, we incorporated native animals throughout the artwork. We even included artwork of a bear since Greeley is the home of University of Northern Colorado’s Klawz the bear as the mascot!”
In addition to the beautification of the hotel, NexGen Properties and Renascent addressed significant deferred maintenance at the property. Capital investment in the property included a new roof, HVAC unit, Seresco dehumidifier, water heater, and parking lot repairs. As a result, in the most recent Quality Assurance inspection by
Hilton, the Hampton ranked in the top eight percent of all Hampton by Hilton properties in quality, condition, and cleanliness.
With the property improvement plan complete and extremely favorable long-term debt secured at acquisition in 2021, NexGen Properties and Renascent look forward to realizing the benefits of their value-add business strategy during their 15-year franchise agreement with Hilton. “Hampton by Hilton is the industry’s leading upper mid-scale brand,” said Travis McNeil, president of NexGen Properties. “I am excited to see the Hampton outperform its competitive set in the heart of one of the fastest growing parts of Colorado.” For the 14th year in a row, Hampton by Hilton was named the No. 1 hotel franchise (No. 9 overall) on the annual list of the world’s top franchises by Entrepreneur Magazine.
“With our initial foray into hospitality in the rearview mirror, we are excited to continue to grow our partnership with Renascent and increase our portfolio allocation to hospitality through the acquisition of other underperforming select service hotels in the Mountain West region,” said Matt Bernstein, vice president of NexGen Properties. “Our business strategy is to seek value-creation opportunities across all asset classes in commercial real estate, and we have learned that this plan translates effectively to hospitality.”
NexGen Properties and Renascent look forward to showcasing its best-in-class Hampton on September 14, when they plan to host an open house from 3-6 p.m. for the community to experience the hotel’s transformation in person.
