CREJ - page 14

Page 14 — COLORADO REAL ESTATE JOURNAL — February 4-February 17, 2015
by John Rebchook
The Best Western Antlers in
downtown Glenwood Springs
has a new owner.
It is only the second owner
since the prominent, some
would say, landmark, hotel
was built a half-century ago.
A Front Range investment
group purchased the 100-unit
hotel for about $7.6 million.
The sale includes an adjacent
home owned by the original
developer and owner of the
hotel.
Members of the investment
group do not want to be iden-
tified, said Craig Rathbun, a
broker with the Fleisher Co.,
who listed, marketed and sold
the hotel.
Asked why the original own-
ers, the Simmons family, sold
the hotel, Rathbun said: “You
can do the math. Imagine that
he first built it when he was
30 years old and it is 50 or 55
years later. It was time.”
He said he believes it was ini-
tially built around 1965 and the
last phase was added in 2000.
There was a lot of interest in
the hotel from prospective buy-
ers, he said.
“About half of it was from
around the area and about half
of it was from outside of the
area,” he said.
“We ended up getting five
offers,” Rathbun said.
He said investors liked its
location.
“The location of the property
was the biggest thing,” Rath-
bun said.
“It is right across from the
hot springs,” which Glenwood
Springs is famous for, Rathbun
said.
“Plus, it is a very Colorado-
style, rustic property.”
It is not only one of the larg-
est hotels in Glenwood Springs,
but also in all of Garfield Coun-
ty, he said.
“The new owners intend to
make a number of improve-
ments and enhancements to
the property because of their
strong belief in the Glenwood
Springs year-round market,”
Rathbun said.
“Those improvements are in
the planning stages already,”
he added.
He said the new owners love
Glenwood Springs as much as
the Simmons family.
“This is a wonderfully
designed and managed prop-
erty that has been well cared
for over the years and now is in
the hands of new owners that
love Glenwood and are excited
about all the upside they see
in the Glenwood Springs mar-
ket,” Rathbun said. s
Colorado
Best Western Antlers has only
its second owner in its history
The Best Western Antlers in Glenwood Springs has a rustic look that
appealed to the new owners.
ʻThe new owners
intend to make
a number of
improvements and
enhancements to the
property because
of their strong
belief in the
Glenwood Springs
year-round market.ʼ
– Craig Rathbun, Fleisher Co.