Construction starts on dual-branded hotel downtown

Slated to open in 2021, the hotel will feature a combined 259 guestrooms and suites.

A dual-branded hotel is taking shape in downtown Colorado Springs.

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Atlanta-based Hotel Equities and an affiliate of Colorado Springs-based Olive Real Estate Group broke ground on the dual-branded SpringHill Suites by Marriott and Element by Westin at 402 S. Tejon St.

Owned by the Olive affiliate, the dual-branded hotel will be the first-ever combination of these two Marriott brands. Slated to open in 2021, the hotel will feature a combined 259 guestrooms and suites.

The urban renewal project also is the first qualified opportunity zone project in the city. “We are proud partners on this hotel development project,” Fred Cerrone, founder and chairman of Hotel Equities, said in a release. “The dual-branded model is intended to attract a more diverse range of guests, and meet the market’s increased demand for upper upscale, urban, select service and extended stay hotels with unique accommodations. The food and beverage concept with restaurant and rooftop bar will be one-of-akind with an upgraded offering to cater to in-house customers, as well as the business offices and the local community surrounding the area.”

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The hotel comprises 295,000 square feet with 216 underground public parking spaces, street-level retail and a rooftop restaurant and bar overlooking Pikes Peak and the Front Range. The hotel also will feature 4,200 sf of meeting and event space. It is located within walking distance to employers and attractions, including the U.S. Olympic Museum, Weidner Stadium, America the Beautiful Park and the U.S. Olympic Committee Headquarters.

Once open, the hotel, in conjunction with managing partner Hotel Equities, will provide employees of the property with on-the-job management and leadership training programs with the goal of promoting entry-level employees to management-level positions.

Additionally, the ownership group is committed to using local vendors, contractors and subcontractors whenever possible. “The downtown Colorado Springs Marriott hotel will create hundreds of direct and indirect construction jobs, as well as over 150 long-term, stable permanent jobs with competitive benefit packages to local workers. We are also excited to bring over $65 million of new capital investment to Colorado Springs,” said Jim DiBiase, principal of Olive Real Estate Group.

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SpringHill Suites, targeted to business and leisure travelers, features suites with separate living and sleeping areas while Element was designed for the healthy, active traveler with studio and one-bedroom suites with energy-efficient kitchens, flat screen televisions and large desks, for example.

Featured in CREJ’s July 3-16, 2019, issue

Jennifer Hayes has been an editor with the CREJ since 2000. Jennifer covers multifamily and retail news in the Denver metro area plus all property types in Colorado Springs and Southern Colorado. She also covers the finance market as well as solicits bylines articles and is editor of the Health Care Properties Quarterly. Before joining…