Wednesday, October 15, 2008

Seven Broomfield Hotels Still On Track

by Osman Parvez
----

Everyone seems to be talking about gloomy economic times, but you may be surprised to find out that many projects are still striding forward. Seven hotels are scheduled for completion along US 36 by 2012, when ConocoPhillips is expected to open up shop at the former StorageTek campus.

Denver Business Journal reports:
“Obviously all of the major lenders have pulled out of the market, and no one on Wall Street is going to finance $100 million projects,” said Steve Hennis, director of Hospitium, a hospitality research firm based in Arvada. “A lot of those projects on the Boulder corridor are probably $20-$25 million.”
Here is a breakdown of the seven projects:

HotelDeveloperAddressRoomsCostStatus
Aloft BroomfieldStonebridge Cos.8300 Arista Place140
Broke ground 5/08, completion in Spring 09
Hilton Garden Inn BroomfieldCorporex Colorado LLC505 Zang Street135
Planned groundbreaking in fall 2008
Staybridge SuitesDixon Cos. Inc.460 Flatiron Crossing140$16 mSecuring financing. Submitted plan to
Broomfield City Council in August.
Cambria Suites BroomfieldOxford Development12000 W. Midway129$17 mBreaks ground in Spring 09
Hotel Indigo BroomfieldInterContinental
Hotels Group
3 Flatiron Crossing153
Planned groundbreaking in early 2009
Nylo HotelGranite Properties
Urban Frontier LLC
565 Interlocken176
City approval in May. On four acres of 12-acre,
mixed-use project.
Hyatt Summerfield SuitesOxford Development13450 Via Varra123$15 mRecently broke ground, LEED certification

These hotels would add over 800 rooms to Broomfield, more than doubling its current amount. However, these projects are cheaper than typical, full-service hotels. They offer limited-service or extended-stay lodging. The smaller brands are facing a bit of difficulty in securing financing, but most are confident despite the tight credit market.

Numerous hotels already litter the 36 corridor. These new projects are a direct response to ConocoPhillips’ announcement earlier this year of launching a training facility after purchasing the StorageTek campus in Broomfield for $58 million. Not only does it illustrate the ConocoPhillips impact, but this is yet another step towards the revamp and filling in of the corridor between Denver and Boulder.


image: Hilton Garden Inn (Raleigh, NC) by batsignal


----
Like this analysis?    Subscribe to our client research report.     
Want to get blog updates via email?  Click HERE.       
Ready to buy or sell?  Schedule an appointment or call 303.746.6896. 
You can also like our Facebook page or follow us on Twitter.

As always, your referrals are deeply appreciated.  

--
The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties.   We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate. 

No comments:

Post a Comment