A local limited liability company purchased its second midscale hotel in the Colorado Springs market with its purchase of the Quality Inn Colorado Springs Airport.
The buyer paid $6.8 million, or $77,272 per key, for the 88-room hotel at 2115 Aerotech Drive at the Colorado Springs Airport.
“The price per key is one of the highest prices ever paid in that tier of hotel in the Colorado Springs market,” said Skyler Cooper of Marcus & Millichap’s Denver office, noting the property, constructed in 1995, was repositioned as the seller, prior to its sale, had converted the asset from a Comfort Inn to a Quality Inn thus taking care of anything that a new buyer needed to do.
Cooper, along with Allan Miller and Chris Gomes of Marcus & Millichap’s National Hospitality Group, marketed the property on behalf of the seller, an LLC. Cooper also secured and represented the buyer.
“In Colorado Springs, you are still at a competitive price per key when considering replacement cost – you are below replacement cost. Investors are getting a great return in a market that is consistently growing and that was just named the No. 2 place to live behind Austin in U.S. News and World Report’s annual ranking,” added Cooper.
The hotel includes a business center, exercise room, free airport transportation, indoor pool, meeting room, outdoor whirlpool/hot tub and sun deck.