HREC Investment Advisors arranged the sale of the 71-room Comfort Suites located in the Southwest Denver metropolitan suburb of Lakewood, Colo. Spirit Hospitality, a hotel development and management firm based in Fort Collins, Colo., acquired the property.
HREC Investment Advisors exclusively represented seller WA IV during the transaction. The sale was negotiated by Mike Dubé, VP; Jeffrey Duni, SVP; and Mike Cahill, CEO & founder, all in HREC's Denver office.
"This hotel benefits from a balanced mix of leisure and corporate demand drivers, and a highly attractive flag, which has resulted in over 80-percent year-round occupancy. With very little property improvement required due to $1.4M in capital expenditures since 2014, the new Colorado-based owners can take advantage of their market expertise to maximize this asset's full revenue potential in the coming years," Dubé said in a statment.
"Michael Dubé and Jeffrey Duni of HREC provided us the very best in competent, professional marketing and representation in selling our Lakewood hotel," sellers WA IV said in a statement. "We will use them again in the future and can recommend their highly regarded services to any person or company wanting to buy or sell a Hotel."
The hotel is located south of U.S. Highway 285, equidistant from south metro Denver’s major freeways of I-25 and C-470, and U.S. Highway 6. The location allows for access to downtown Denver attractions and the recreational opportunities in the nearby foothills of the Rocky Mountains and beyond. Additional corporate demand drivers to the hotel are: Denver Federal Center (10 minutes, 6 miles), Lockheed Martin (17 minutes, 12 miles) and numerous business parks in the immediate vicinity.