Colorado Real Estate Journal - April 20, 2016

DoubleTree to get millions in upgrades following sale

A Missouri-based hospitality company bought the DoubleTree Denver Aurora Hotel for $14.8 million – according to public records – and will spend more than $5 million on upgrades to retain the Hilton flag.

The acquisition represents an entry into the Denver market for O’Reilly Hospitality Management LLC, a Springfield based hotel ownership and management company. The company manages 22 hotels and restaurants through the United States.

The DoubleTree is a 248-room hotel that sits at a prominent location on Interstate 225 and East Iliff Avenue. It has more than 10,000 square feet of meeting/event space, a restaurant and bar, indoor swimming pool and fitness facility. The property was widely marketed and received a number of offers, according to Bill Murney, senior vice president of HREC Investment Advisors, who represented the seller with Scott Stephens, also a senior VP with HREC.

“O’Reilly will invest over $5 million into a complete property renovation, which will provide the guests with the best new product in the market combined with the O’Reilly ownership/management touches that have made the company so successful,” Murney said.

With upcoming completion of the Regional Transportation District’s new R Line, the hotel will have light-rail access to the Anschutz Medical Campus/ Fitzsimons Innovation Campus and Denver International Airport.

New York-based Garrison Investment Group sold the hotel, which it acquired for $8.25 million four years ago, according to public records.





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9,137-square-foot former photography studio in Littleton will become Arapahoe Credit Union’s new administrative offices.

Foundation Holdings LLC sold the building at 7201 S. Broadway to the credit union for $1.1 million. Rick Egitto of Inverness Properties represented the seller. Keith Schinke of Brinkman Financial represented the buyer.

“Arapahoe Credit Union, through sound fiscal practice, exists to provide innovative products and quality services that help meet the daily financial needs and long-term goals of its membership. We are excited to develop our new administration building supporting our membership needs, promoting our strong image and implementing organizational strategies,” Scott Ferndelli, president and CEO, said in a statement.