According to Madison Commercial Properties, a 2.4 acre site proposed for an Atwell Suites hotel, located between 64th and 65th Avenue, just west of Tower Road in the DIA airport market, has sold for an undisclosed amount.
Alex Kovacs, CCIM, Commercial Broker & Advisor at Madison Commercial Properties represented the buyer, KJ Hotel Properties, LLC, a Missouri development company familiar with the Denver hotel market, in the sales transaction. The seller was Denver-based L.C. Fulenwider, the developer of the Denver International Business Center, where this parcel is located.
The land will be developed with an Atwell Suites, a 96-unit upper-midscale, all-suites hotel aimed at the business traveler. The brand is a new concept affiliated with the IHG franchise (Holiday Inn).
KJ Hotel Properties is reportedly bullish on the Denver market, despite the challenges facing the hospitality industry due to COVID 19. Groundbreaking will likely be sometime in the first or second quarter of 2021, to take advantage of favorable construction costs. The hotel will take approximately a year to complete, which should position it favorably in a post COVID environment.
Rendering courtesy of Madison Commercial Properties