Marriott closes $500M construction loan to build Gaylord Rockies hotel

Marriott International, together with the owner and development partnership led by RIDA Development Corp. and Ares Management, closed a $500-million construction loan Gaylord Rockies Resort and Convention Center in Aurora, Colo. The lead agent of the loan was Wells Fargo Bank. The 2-million-square-foot, 1,500-room hotel is scheduled to be completed in late 2018.

The eight bank consortium included co-lead agents Bank of America and Bank of Nova Scotia, as well as Sumitomo Mitsui Bank, Credit Agricole, CIT Financial, MidFirst Bank and US Bank.

Simultaneous with the closing of the construction loan, a $530 million guaranteed maximum price construction contract was entered into with Mortenson Construction and WELBRO Building Corporation. The loan closing and entry into the construction contract will allow the project to begin vertical construction, which is expected to result in the hiring of more than 10,000 construction workers.

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Marriott will manage the hotel and convention center, under a long-term contract, which is expected to lead to the hiring of approximately 2,500 permanent direct and indirect employees of the hotel.  The economic impact of the project is estimated at more than $7 billion of economic activity for the State of Colorado, with more than 80 percent of guests expected to be net new visitors to the state.  

Michael Kofsky will serve as the director of sales and marketing for the Aurora, Colo., hotel, and will lead a team with the goal of pre-booking more than 1.25 million room nights prior to opening. The hotel is expected to bring over two million visitors to the City of Aurora and the State of Colorado during the first several years after opening.