Colorado Real Estate Journal - February 4, 2015
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 identified, said Craig Rathbun, a broker with the Fleisher Co., who listed, marketed and sold the hotel. Asked why the original owners, 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 initially built around 1965 and the last phase was added in 2000. There was a lot of interest in the hotel from prospective buyers, 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,” Rathbun said.
– Craig Rathbun, Fleisher Co.
“It is right across from the hot springs,” which Glenwood Springs is famous for, Rathbun said. “Plus, it is a very Coloradostyle, rustic property.” It is not only one of the largest hotels in Glenwood Springs, but also in all of Garfield County, he said. “The 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,” 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 property 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 market,” Rathbun said.