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COLORADO REAL ESTATE JOURNAL
— December 16, 2015-January 5, 2016
Greater Denver
by Jill Jamieson-Nichols
A church that bought an
Arvada building a year ago cre-
ated a domino effect that recent-
ly culminated in the sales of two
church facilities.
The National Organization
of the New Apostolic Church
of North America set the deals
in motion with its $1.5 million
acquisition of a 10,380-square-
foot former printing building at
5290 Vance St. in Arvada. It is
renovating the building, adding
a sanctuary and meeting rooms,
and will move into the space this
spring.
In preparation for the move,
the church just sold its existing,
2,626-sf facility at 11010 Rose-
anna Drive in Thornton to the
Church of Christ at Westmin-
ster for $620,000. The Church
of Christ simultaneously sold
its 13,916-sf church at 11155
Birch Drive in Thornton to Mid-
west Building Professionals for
$825,000.
Bob Leino and Andrew Dod-
gen of Fuller Real Estate han-
dled the sales of both properties.
Midwest Building Profession-
als, a longtime Denver metro-
area developer, likely will retain
the church building and devel-
op an excess 3.5 acres of land
that was part of the purchase,
according to Leino.
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The Church of Christ at Westminster sold its building at 11155 Birch
Drive in Thornton to a longtime Denver-area developer.
The National Organization of the New Apostolic Church of North
America sold its building at 11010 Roseanna Drive in Thornton to the
Church of Christ at Westminster.
“Block 47,” a 15,655-square-foot
development site at 16th and
Market streets by a group affili-
ated with Newport Beach, Cal-
ifornia-based T2 Development.
Although the property is zoned
for a range of uses, T2 is known
as a hotel developer. Integrated
Properties sold the site, which
investment broker Tim Richey
of CBRE said “may prove to be
one of the best development sites
between Los Angeles and Chi-
cago.”
• The sale of the Embassy
Suites by Hilton Denver–Down-
town/Convention Center at a
record $421,836 per key.
• The opening of one of the
first dual-branded Hyatt Place/
Hyatt House properties at 440
14th St. The hotels comprise 361
rooms.
• Groundbreaking of the first
co-branded hospitality project by
Marriott International and Star-
wood Hotels & Resorts World-
wide, which soon will combine
to become the largest hotel com-
pany in the world. The 495-room,
19-story building at 15th and Cal-
ifornia streets will house the Le
Méridien Denver and AC Hotel
Denver.
According to STR Analytics, 13
new hotels are either under con-
struction or planned in down-
town Denver, for a total of 2,331
rooms. They include a 462-room
Hilton, details of which haven’t
been announced; a 172-room
hotel at the Dairy Block near
Denver Union Station; a Cambria
Hotel & Suites at 1320 Glenarm
Place; and others.
The new supply is comparable
to what’s being added in some
other top 25markets, saidWilson.
“Generally it’s a strong enough
market that it’s well-poised to
take in the supply.”
“As long as there’s not some
unforeseen external, macroeco-
nomic event, I believe the prod-
uct will be absorbed relatively
well,” added Cahill.
The average room rate down-
town is $180, the highest it’s been
since STR Analytics began track-
ing rates in 1987.
Among the top 25 hotel mar-
kets in the country, the central
business districts are performing
very well, “and Denver of all of
those is one of the top markets
right now in terms of its overall
occupancy and how it’s been able
to grow rates,” said Wilson.
Group travel has been strong,
and a planned $100 million
expansion of the convention cen-
ter will further fuel the down-
town hospitality market.
“We expect the robust room
night demand trends for down-
town Denver, in particular for
properties located within steps
of 16th Street and the Colorado
Convention Center, to continue
and ultimately even gain further
momentum with the forthcom-
ing expansion of the conven-
tion center,” said Deno Yiankes.
Yiankes is president and CEO
of investments and develop-
ment for White Lodging Services
Corp., a hotel ownership, devel-
opment and operations company
that is developing the Le Méridi-
en/ACHotel and also completed
the new Hyatt Place Denver/
Downtown and Hyatt House/
Denver Downtown hotels.
According to HREC, the Den-
ver metro area as a whole has
42,170 existing hotel rooms. It
projects that number to grow to
47,520 by 2018.
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Hotels
Wishing you a
Beautiful Holiday
Season and a
New Year of
Peace & Happiness!
