HFF Secures $26M Financing for Colorado Springs Marriott
- Feb 07, 2017
Colorado Springs, Colo.—HFF recently announced that it has arranged an acquisition financing in the amount of $25.7 million for Colorado Springs Marriott, a 309-key, full-service hotel situated in the northern part of Colorado Springs.
Eric Tupler, senior managing director, and Kristian Lichtenfels, associate director of HFF, arranged a 10-year, fixed-rate loan on behalf of the borrower, a partnership between Portfolio Hotels & Resorts, West Point Partners and Lions Gate Capital LLC.
The Marriott-branded property is located on a 12.5-acre site at 5580 Tech Center Drive and it was completed in 1989. The asset features approximately 23,000 square feet of flexible indoor and outdoor function space, pools and spas, a fitness center, business center, concierge and a full-service restaurant. Colorado Springs Marriott was renovated in 2016, when the seller invested $3.8 million in capital improvements. The borrower intends to put in place a further $8 million improvement plan that will fully renovate the property.
The asset is situated in close proximity to the majority of the city’s Class A offices and the U.S. Olympics Training Center, also offering convenient access to other areas through Interstate 25. The U.S. Air Force Academy and the Garden of the Gods park are also nearby.
Image courtesy of Colorado Springs Marriott