DENVER—Holliday Fenoglio Fowler, L.P. (HFF) has arranged $25.735 million in acquisition financing for the Colorado Springs Marriott, a 309-room, full-service hotel in Colorado Springs, CO. HFF worked on behalf of the borrower, a partnership between Portfolio Hotels & Resorts, West Point Partners and Lions Gate Capital LLC, to arrange the 10-year, fixed-rate, securitized loan, which HFF will service.
Originally completed in 1989, the nine-story hotel has approximately 23,000 sq. ft. of flexible indoor and outdoor function space; indoor and outdoor pools and spas; a fitness center; business center; concierge; and The Ascent, a full-service, three-meal restaurant. The seller completed $3.8 million in capital improvements in 2016, which the borrower will expand upon with an $8-million property improvement plan that will fully renovate the hotel.
Situated on 12.47 acres at 5580 Tech Center Dr., the hotel is in the heart of the city and proximate to Class A office space, major employment drivers and the U.S. Olympics Training Center. It is also four miles from the Garden of the Gods and 10 miles from the United States Air Force Academy.
The HFF debt placement team representing the borrower was led by Eric Tupler, senior managing director, and Kristian Lichtenfels, associate director.