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COLORADO REAL ESTATE JOURNAL
— October 15-November 4, 2014
A National IRC §1031 “Qualified Intermediary”
Erin Crowley
Colorado Division Manager
Denver 720.648.3512
Colorado Springs 719.481.9788
Call for a complimentary consultation.
Take advantage of smart 1031 exchange tax solutions from Asset Preservation
and our expertise from over 150,000 succesful exchanges in 24 years.
Boulder County & U.S. 36 Corridor
by Jill Jamieson-Nichols
An independent boutique
hotel company paid one of the
highest prices ever for a Quality
Inn & Suites.
California-based Basecamp
Hotels, in partnership with
Eagle Point Hotel Partners and
Filament Hospitality, paid $7.27
million for the 49-room Qual-
ity Inn & Suites at 2020 Arapa-
hoe Ave. The price equates to
$148,327 per key.
The new owner will convert
the property to a Basecamp
Hotel, a brand that provides
guests with opportunities to
explore their surroundings.
Basecamp, which opened its
first hotel in South Lake Tahoe,
Calif., is built around the idea of
a traditional base camp with a
modern, “eco-chic” touch.
The Quality Inn Boulder
acquisition launches the brand’s
expansion strategy into markets
across the United States, accord-
ing to HREC Investment Advi-
sors, which arranged the sale.
The hotel is located in a resi-
dential neighborhood next to
the University of Colorado cam-
pus and close to the Pearl Street
Mall. From a zoning standpoint,
the hospitality use is grandfa-
thered in, and
the residen-
tial setting
offers leisure
travelers and
corporate vis-
itors an alter-
native to the
typical select-
service hotel
l o c a t i o n ,
said Michael
Dube’, a vice president in
HREC’s Denver office.
“That has allowed it to per-
form well above what you
would expect for a Quality Inn,
both in terms of ADR and occu-
pancy,” said Dube’, who repre-
sented the seller in the transac-
tion.
The hotel was “quietly” mar-
keted. “We were looking for the
right buyer for this property,”
he said.
The seller, Lewis Properties, is
a locally based real state inves-
tor and owner-operator of sev-
eral hotels in the greater Denver
area and Midwestern U.S.
According to Dube’, sale
prices for Quality Inns typically
average $35,000 to $45,000 per
key. The Quality Inn Denver
International Airport recently
sold for $64,000 per key, but that
was a very high price because
of its location near the airport,
he said.
s
Mike Dube’
by Jill Jamieson-Nichols
W.W. Reynolds Cos. has
acquired a development site next
to its Pearl East Business Park in
Boulder, giving it the capability of
adding a new building of around
58,000 square feet.
EAT 1416 LLC, an entity con-
trolled by Reynolds, paid $3.13
million for the approximately
three-acre parcel at 4700 Pearl
Parkway. The site formerlyhoused
a Regional Transportation District
Pearl Parkway Centre is planned for a development site at 4700 Pearl
Parkway in Boulder.
