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Hotel-Motel

Holiday Inn Express & Suites Wheat Ridge - Denver West

10101 Interstate 70 Frontage Rd S, Wheat Ridge, CO 80033

Listing Price: Request For Offer

Number of Rooms
103
RevPAR
$74
Gross SF
52,769
Year Built
1981

Investment Overview

Building Attributes: A 103-room, three-story IHG-branded upper midscale hotel that features upgraded concrete construction and was built in 1984 (the Hotel or Property).
- $2.0 million interior and exterior renovation completed in 2014/2015
- $1.8 million property improvement plan (PIP) completed in 2021

Excellent Location: The Property is located within the Denver Metropolitan Statistical Area (MSA), a highly sought-after real estate investment market for its diverse economy, exceptional transportation system, and highly-educated workforce.
- Conveniently located at the intersection of West 48th Street and Kipling Street (38,000 vehicles per day) near Interstate 70s Kipling Street Exit and the Ward Street RTD Station
- Driving distance from Denver International Airport, Downtown Denver, Red Rocks Amphitheater, Keystone Mountain Resort, and Copper Mountain Resort
- Located within three miles of the Hotels top group and corporate accounts, where existing competition is limited and barriers for new hotel development are high

Strong Recovery Trajectory: Hotel RevPAR has steadily trended back towards pre-COVID-19 levels since the vaccine rollout in April 2021.

Local Investment Due to its centralized location, excellent transportation network, and recent infrastructure improvements, the City of Wheat Ridge continues to see an influx of investment from both local and national developers within three miles of the hotel, including:
- Over 1.25 million square feet of non-hotel commercial construction
- Three different transit-oriented developments (TOD) under construction: Clear Creek Crossing, Olde Towne Arvada Station, and Wheat Ridge Ward Station
- A 142,200 square foot state-of-the-art logistics facility that is 100 percent leased and slated for completion in July 2022
- The 60,000 square foot Golds Marketplace redevelopment at the corner of Kipling Street & West 26th Street provides guests with new local dining and entertainment options

Operational Upside: The Hotel is currently operated by a national third-party management company, providing a hands-on owner with the opportunity to control operating costs, capture additional market share, and increase room revenues.

Attractive Assumable Debt: A buyer must assume the existing $9.27 million non-recourse loan (4.976 percent interest rate) in connection with a purchase of the Hotel (see page 14 on OM for details).

Investment Highlights

  • 103-Room, Three-Story, Upper Midscale Hotel Built in 1984
  • RevPAR Growth of 87.5 Percent Year-Over-Year (Twelve Months Ending April 2022)
  • Central Location Positioned within the Highly Sought-After Denver West Submarket
  • $1.8 Million Property Improvement Plan Completed in 2021

Exclusively Listed By

Financing By

Hotel-Motel

Holiday Inn Express & Suites Wheat Ridge - Denver West

Listing Price: Request For Offer

Number of Rooms
103
RevPAR
$74
Gross SF
52,769
Year Built
1981

Investment Highlights

  • 103-Room, Three-Story, Upper Midscale Hotel Built in 1984
  • RevPAR Growth of 87.5 Percent Year-Over-Year (Twelve Months Ending April 2022)
  • Central Location Positioned within the Highly Sought-After Denver West Submarket
  • $1.8 Million Property Improvement Plan Completed in 2021

Investment Overview

Building Attributes: A 103-room, three-story IHG-branded upper midscale hotel that features upgraded concrete construction and was built in 1984 (the Hotel or Property).
- $2.0 million interior and exterior renovation completed in 2014/2015
- $1.8 million property improvement plan (PIP) completed in 2021

Excellent Location: The Property is located within the Denver Metropolitan Statistical Area (MSA), a highly sought-after real estate investment market for its diverse economy, exceptional transportation system, and highly-educated workforce.
- Conveniently located at the intersection of West 48th Street and Kipling Street (38,000 vehicles per day) near Interstate 70s Kipling Street Exit and the Ward Street RTD Station
- Driving distance from Denver International Airport, Downtown Denver, Red Rocks Amphitheater, Keystone Mountain Resort, and Copper Mountain Resort
- Located within three miles of the Hotels top group and corporate accounts, where existing competition is limited and barriers for new hotel development are high

Strong Recovery Trajectory: Hotel RevPAR has steadily trended back towards pre-COVID-19 levels since the vaccine rollout in April 2021.

Local Investment Due to its centralized location, excellent transportation network, and recent infrastructure improvements, the City of Wheat Ridge continues to see an influx of investment from both local and national developers within three miles of the hotel, including:
- Over 1.25 million square feet of non-hotel commercial construction
- Three different transit-oriented developments (TOD) under construction: Clear Creek Crossing, Olde Towne Arvada Station, and Wheat Ridge Ward Station
- A 142,200 square foot state-of-the-art logistics facility that is 100 percent leased and slated for completion in July 2022
- The 60,000 square foot Golds Marketplace redevelopment at the corner of Kipling Street & West 26th Street provides guests with new local dining and entertainment options

Operational Upside: The Hotel is currently operated by a national third-party management company, providing a hands-on owner with the opportunity to control operating costs, capture additional market share, and increase room revenues.

Attractive Assumable Debt: A buyer must assume the existing $9.27 million non-recourse loan (4.976 percent interest rate) in connection with a purchase of the Hotel (see page 14 on OM for details).

Exclusively Listed By

Financing By

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