Colorado Real Estate Journal - September 21, 2016
Baywood Hotels has acquired a 2.01-acre site in Longmont to develop a four-story, 108-room Home2Suites by Hilton hotel. The company is waiting for final approvals from the city and hopes to break ground by early October, according to Naik Keyur, vice president of development. The Home2Suites will be located at 1319 Grand Ave., just off Ken Pratt Boulevard in southwest Longmont. It will be Baywood’s first hotel in the city. The company purchased the property for $1.2 million, or $13.77 per square foot. Sherman Village I LLLP was the seller, according to public records. “This transaction was a really fun deal to market. The growth of Longmont and the story the municipality has to tell was a great driver for the demand on this land and the subsequent development,” said Brandon Kramer of Marcus & Millichap, who represented the seller with Marcus & Millichap’s Bob Kaplan. “To see this parcel attract national attention from the hotel industry was really exciting.” “Through our national network of agents, we were able to identify multiple hotel developers with significant interest in the Longmont market,” added Kramer. “After several rounds of offers, we ultimately settled on this buyer, an experienced developer that was able to successfully navigate the city’s requirements to win approval for their project.” Neville Rustomjee, senior hospitality specialist in Marcus & Millichap’s Denver office, represented the buyer. “I have been working with this national hotel group for a couple years, trying to find them a suitable hotel site. It is nice to have found them a parcel that meets their investment criteria,” said Rustomjee. Construction of the hotel will take an estimated 12 to 16 months. Home2Suites hotels offer in suite kitchens, free breakfasts, fitness centers, laundry areas, business centers and outdoor patios. They are pet friendly. In addition to launching the Longmont project, Maryland based Baywood Hotels, which has an office in Denver, is completing a Home2Suites and Residence Inn by Marriott on Tower Road near Denver International Airport and is under construction on a Hampton Inn in Centennial. Other News A Houston group plans to build a 6,500-square-foot emergency center on a 1.5-acre site at Black Diamond Center in Lafayette. RKMS Lafayette LLC recently purchased the property at 569 N. Highway 287 from Branch Ventures Inc. for $815,000. Eric Rutherford and Tom Hill of Wright Kingdom Real Estate represented the seller. Jarod Pate of DePaul Real Estate Investment Group Inc. represented the buyer. RKMS Lafayette, which is affiliated with Read King Commercial Real Estate, will develop the single-story Neighbors Emergency Center, according to documents filed with the city. Neighbors Emergency Center, part of Neighbors Health, provides 24-hour, seven-days-a-week emergency medical care. According to its website, it also will open centers in Aurora, Greeley and Pueblo.