The real estate joint venture of investors and developers raised $ 55.6 million in construction debt. HALL Structured Funding (HSF) to create a double flag Marriott International, SpringHill Suites and long stay Element from Westin hotel in downtown Colorado Springs, according to lender information.
The first construction loan was made to a joint venture of Colorado Springs developers. Olive Real Estate Group, local contractor Colarelli Construction, In Atlanta Hotel stock market and LLC “Hotel Operating Services”…
Construction of the complex began in early 2020 without a loan and was impacted by the pandemic. HSF has now stepped in to provide debt to help complete construction and create an asset for eventual ongoing funding, according to an HSF spokesman.
“Colorado Springs has seen tremendous growth as one of the most populous and fastest growing cities in the state, offering visitors a variety of outdoor, sports and entertainment opportunities and business opportunities,” said the president of HSF. Mike Janes said. “This hotel complex will be the first Marriott extended stay option in downtown Colorado Springs and will provide guests with access to Marriott’s extensive loyalty program. All of these factors made this project an excellent funding source. “
Paramount Capital Advisors‘ John Pascal, which negotiated the loan, said HSF “has stepped up efforts in a challenging financial environment to fund this deal, which speaks volumes about their entrepreneurial approach and the viability of the project.”
The eight-story building will eventually lead to the 136-room SpringHill Suites and the 125-room Element by Westin. There will be shared facilities on site, including an outdoor courtyard with a lounge that connects them, a fitness center, business center, indoor pool and jacuzzi, and complimentary breakfast deals. There will also be a ground floor restaurant, approximately 4,200 square feet of meeting and event space, and a 6,700 square foot rooftop bar and restaurant with views of the city and surrounding area, according to HSF and Olive Real Estate August 2020 Press Release. with a detailed description of the development.
Hotel Equities will manage the property, which is expected to open next spring.
Olive Real Estate Director Jim DiBiase said the local firm is looking forward to delivering the asset over the next few months, providing “unique new accommodations and catering options for our vibrant community in downtown Colorado Springs.”
The hotel is located at: 402 South Tejon Street in downtown Colorado Springs, walking distance from the new US Olympic and Paralympic Museum and Weidner field – the new home of the city’s professional football team, Colorado Springs Switchbacks Football Club – which opened a few months ago. In addition to these two sports attractions, the area has other museums, shops offering food and drinks, and plenty of parkland. (The city itself is located on the southeastern border Rocky Mountains.)
Olive Real Estate said in a press release last August that it expects the nearly 300,000 square foot facility to open this year as the first Marriott hotel to feature the SpringHill Suites and Element brands under the same roof.
Mac Burke can be reached at: firstname.lastname@example.org…