Alamo Hotel in Colorado Springs, Co., sells for close to $6M

The four-story Alamo Hotel building in downtown Colorado Springs, Co., was recently purchased for $5.9 million by local investor Alamo LLC from Matterhorn Development.

The 42,556-square-foot building was constructed around 1900. Matterhorn purchased the property in 2006 for just $200,000 less than the sale price.

Cascade Commercial Group brokered the sale and will be retained to market the building for lease.

Virtual Roundtable

Post COVID-19: The New Guest Experience

Join Hotel Management’s Elaine Simon for our latest roundtable—Post COVID-19: The New Guest Experience. The experts on the panel will share how to inspire guest confidence that hotels are safe and clean and how to win back guest business.

“What makes this sale unique is the good properties are not lasting long,” Cascade Broker/Owner Ted Link told The Colorado Springs Business Journal. “They are being sold at an astonishing rate.”

Cascade said that the building, which sold for $138 per square foot, was 90-percent occupied upon closing, with significant tenants including the Gaspar Law Group, the Law Firm of Graham and Black and MacKenzie’s Chop House–occupied by Concept Restaurants since 1975.

The Alamo Hotel building was listed on the U.S. National Register of Historic Places in 1977.

Suggested Articles

The LW Hospitality Advisors "Q2 2020 Select Major U.S. Hotel Sales Survey" highlights six transactions across the country.

IHG has until Aug. 24 to make its priority return payment plus accrued interest to avoid termination of the agreements with Service Properties Trust.

The Atlanta-based commercial real estate firm is promoting co-founder Todd W. Nocerini to a new role.