HREC Investment Advisors arranged the sale of the 309-guestroom Marriott Colorado Springs located in Colorado Springs, Colo. The hotel was purchased by a partnership of West Point Partners, Lions Gate Capital and the Harp Group.
Jeffrey Duni and Mike Dube, both VPs in HREC Investment Advisors’ Denver office, exclusively represented The Procaccianti Group in the transaction.
“Colorado Springs is one of the best-performing hotel markets in the state and the hotel offers an excellent location in the fast-growing northern part of the city. The buyer group understood the economic fundamentals of the market and how to best leverage that with their planned multimillion-dollar renovation of the asset," Duni said in a statement.
The hotel was built in 1989 and contains approximately 23,000 square feet of event and meeting space and is one of the premier full-service hotels in Colorado Springs, located near the U.S. Air Force Academy, the United States Olympic Training Center and numerous aerospace, defense and healthcare firms. On-property amenities include an indoor pool and hot tub, fitness room, a restaurant and lobby bar, onsite laundry and more.
HREC is a lodging and gaming real estate advisory firm specializing in property sales, mortgage brokerage, equity/JV structuring, consulting (market studies and appraisals) and litigation support. The company has offices throughout North America.