Brinkman has acquired a newly completed hotel in Parker as part of a long-term investment strategy.
Brinkman, in partnership with Utah-based developer Colmena Group, purchased the 108-room SpringHill Suites by Marriott at 9355 Silverado Drive. The price was $17.28 million, or $160,000 per key.
The 66,641-square-foot building is located off Silverado and North Pine Lane, less than a mile from the intersection of E-470 and Parker Road. The upper-midscale hotel features a breakfast area, 356 sf of meeting space, an indoor pool, fitness center, lobby workstation, market pantry and guest laundry area.
“This is hopefully just the start of our investment in Parker,” said Brinkman Chief Development Officer Jay Hardy. “We’re attracted to the town’s charm and commitment to quality of life for their residents,” he said. The real estate development and investment company is evaluating additional opportunities in the market.
The SpringHill Suites was completed in November and was expected to begin welcoming guests in late December. According to Brinkman, it will fill a void of hospitality options along Twenty Mile Road in Parker, where choices are lacking despite increased demand.
Alpine Bank financed the acquisition, and Alex Kovacs of Madison Commercial Properties brokered the sale.
“My client was attracted to the location in Parker, directly across the street from Parker Adventist Hospital, with easy access to E-470, Centennial Airport and Denver International Airport,” said Kovacs. “Parker is an underserved market with older competing properties. The escalating construction costs for new hotels in the Denver metro made this hotel particularly attractive at $160,000 per room, turnkey,” he said.
The hotel was developed and sold by 2 Combs Enterprises and built by Thomas Construction. Renascent Hospitality manages the hotel.