A Centennial developer whose plans for a condo building near Beaver Creek stalled in 2020, and whose sister company owed contractors more than $8 million at a Brighton project that same year, has filed for bankruptcy on a half-built hotel in Parker.
Colorado World Resorts filed for Chapter 11 protection last month. Its attorney told a bankruptcy judge that it owes creditors $16.5 million and the hotel, its only asset, is worth $20 million. The Douglas County Assessor lists its valueat $5.8 million.
The company has a franchise agreement with Hawthorn Suites by Wyndham for the future hotel at 19302 Cottonwood Drive, according to its bankruptcy filing. The five-story hotel is expected to have 60 rooms and cover 51,140 square feet.
But CWR owes $14.3 million to BRMK Lending, a Seattle company that asked a Douglas District Court judge last year to approve a sale of the property. The judge determined nearly a year ago that the property should be sold, but that hasn’t happened yet.
In September, CWR was sued by four drywallers, who claimed their contract with CWR ensured they would be given two houses in Thornton in exchange for their work on the hotel. After working on it from October 2018 to March 2021, they quit when they learned they wouldn’t be paid and placed a $575,000 lien on the project. That case is ongoing.
CWR — whose bankruptcy attorney, Bonnie Bell Bond, did not respond to requests for comment — and its owners have a recent history of stalled projects in Colorado.
In Avon, the company planned to build an 81-unit condominium complex for $75 million in 2019. By 2020, it was in foreclosure and the Vail Daily newspaper was calling it “the big hole in the ground near the entrance to Beaver Creek.” A new developer took over this year and rebranded the project to ensure it wouldn’t be confused with CWR’s.
According to paperwork CWR filed with the Town of Avon, it has been in business for close to 30 years, has built or remodeled 17 branded hotels in the Denver area, and built 500 homes here.
CWR is co-owned by Ranko Mocevic and Eric Keiter. They also co-own Colorado Homes LLC, which filed for Chapter 11 bankruptcy in November 2021. That company had $8.5 million in assets, including $7 million in vacant land in Brighton, and owed $9.3 million.
In Brighton, the company oversaw the Indigo Trails housing development. County records show unpaid work resulted in several liens against the property, including a $6.1 million lien filed by Mocevic’s brother, Branko Mocevic, for labor and materials he wasn’t paid for.