A Marriott-flagged hotel in Colorado Springs recently traded hands.
The Fairfield Inn & Suites by Marriott Colorado Springs North/ Air Force Academy sold for $10.95 million, according to public records. Hotel Equities, through its affiliate Virtua Partners, purchased the 85-room hotel from Jackson Creek Hotel Holdings LLLP.
Hotel Equities operates the hotel and will continue to oversee the asset at 15275 Struthers Road, the closest hotel to the U.S. Air Force Academy North Gate entrance.
HE and Virtua Partners joined forces last year to expand upon their current hospitality portfolio through new development and acquisition opportunities.
“With spectacular views of Pikes Peak and its close proximity to the U.S. Air Force Academy, the hotel is in an excellent location,” said Brad Rahinsky, president and CEO of Hotel Equities. “We are eager to elevate the property through planned improvements, further securing the hotel’s position among the best in the Colorado Springs market.”
“Since assuming management of the asset, Hotel Equities has added significant value through implementation of their proprietary labor models and cost initiatives,” added Quinn Palomino, principal of Virtua Partners. “Our investment into the property and HE’s management expertise will facilitate optimal performance results and maximum returns for investors.”
Virtua Credit Corp. arranged the financing for the purchase.
Built in 2008, the hotel features an event space, business center, exercise room, indoor heated pool and snack bar.