Avison Young handled the sale of 1350 Elati St., a 0.68-acre site at 13th Avenue and Elati in the heart of downtown Denver’s Golden Triangle neighborhood for development of an Element hotel.
Avison Young Principal Rick Egitto represented the seller, 1350 Elati LLC, in the transaction.
A private entity, 1350 Elati LLC sold the site for $3.6 million to Elati Hotel LLC. H&A Development, a joint venture between Alliance Investments and H&H Hotels, is planning a 157-room Element hotel.
H&A Developments plans to break ground in April, and the hotel is expected to be delivered by September 2018.
“The property is attractively located in the next up-and-coming area of Denver, the Golden Triangle,” said Egitto. “For years, the bulk of any new development had been in Lower Downtown, but with several new multifamily projects joining this already established neighborhood, it seemed to be the perfect time for a new hotel to serve not only the neighbors, but the convention center and the Colorado State Capitol.”
“We are excited about bringing the Element hotel to the Golden Triangle,” said Matt Maley, principal, Alliance Investments. “It is a brand that focuses on being environmentally conscious and is a refreshing option that will appeal to multiple travel sectors.”
Element hotels offer studio, one-bedroom and two-bedroom guest rooms. This location will be the first of its kind in the heart of the Golden Triangle.