In an industry where new and not-so-new hotels are constantly being listed for sale, a two-day auction has been announced for April 1 for a 44-room hotel in northeastern Colorado.
Located at 1208 N. Colorado Avenue in the city of Brush, the hotel, which was built in 1967 and is branded as a Rodeway Inn, is designated as a Class C building, measuring around 20,500 square feet.
With two stories, the L-shaped hotel features a swimming pool and underwent a partial renovation two years ago.
The auctioning off and selling of hotel properties has become a big business for investors. The website Axios reported last summer than nearly 460 such properties were sold in just the year of 2022 alone, significantly up from 160 in 2013.
Investors tend to like such properties for their redevelopment potential, turning them into multi-family and student apartment complexes. Cities have also gotten into the act, buying former hotels with the goal of repurposing them for affordable and workforce housing.
An additional reason for such sales, according to the publication GlobeSt: some hotel owners want to get out from underneath forced “deferred capital expenditure refurbishments” mandated by the hotel brand.
The 1208 N. Colorado Avenue property, which was formerly branded as a Best Western, sits on a just under 2-acre site.
The auction for the hotel, listed by Prime Investment Properties, which has offices in Steamboat Springs, begins with a starting bid of $450,000. Prime Investment specializes in the selling of hospitality properties particularly in the West.
By Garry Boulard
