Property Location: 5071 S. Syracuse St., Denver, “Marriott Hotel Planned”
Property Description: Vacant land, proposed 4-story, 94-unit Marriot Courtyard hotel
Land Size: 56,280 sf
Sales Price: $1.55M, or $27.54 per sf
Reception No.: 2016076743
Closing Date: 6/10
Grantor: The Alice Springs Land and Cattle Co. LLC, David L. Liniger, mbr., founder and CEO of RE/Max
Grantee: DIA DTC LLC, c/o Baywood Hotels Inc., Keyur Naik, 720-708-5251
Comments: See APN: 07093-00-005-033. The broker in the transaction was Brad Pech, SIOR, of Re/Max Commercial, 303-504-3444 or 303-748-7919. “The deal was under contract for nearly 18 months in order to secure a variance for an access easement. Due to the nature of the site, we had to downsize the number of units to meet the requirements of the site restrictions,” said Pech. The property is an interior site and considerable planning was necessary to meet the requirements of the Denver Tech Center. Baywood Hotels Inc., based in San Antonio, Texas, works with a number of hotel managers/users to provided their local expertise in the development and management of new hotel product. There is a large, 628-unit Marriott hotel located at 4900 S. Syracuse St., directly north of the proposed 94-unit, 4-story Marriott. This type of product proposed for the new hotel is significantly different and will cater to different clientele who are loyal to the Marriott chain but don’t need the “bells and whistles” that the Denver Marriott Tech Center offers; also, spillover from the larger hotel can be referred to the new hotel. “This was not the run-of-the-mill land deal as this site did not actually front South Syracuse Street, and a tremendous amount of creativity between the parties was required to secure the access problems plus downsize the original number of units that was desired by the buyer. This will work out great for all parties concerned,” Pech said. “During the contract phase, we had at least one call a week from brokers representing hospitality users or the users themselves interested in acquiring this property,” he said.
Comp of the Day is provided by by John V. Winslow, president of WinComps LLC. Winslow has more than 40 years’ experience in commercial real estate. He can be reached at 720-612-7878 or Colprop2012@gmail.com.