Almost a year after LoDo’s Nativ Hotel filed for bankruptcy, the property has been sold to a new owner.
Chicago-based Pangea Mortgage Capital, acting as 1612 Wazee LLC, sold the four-story, 18-room property at 1612 Wazee St. to 1612 Wazee Alliance LLC, which is managed by Thierry Rignol, for $6.3 million on Aug. 26, according to property records.
Rignol is the founder of TR, LLC, which invests in real estate and technology in North America, Argentina, Chili and Brazil, according to his LinkedIn. He was also previously quoted in a 2020 CNBC story as an AirBnB host with 80 listings across Houston, Dallas, Denver, Seattle and Portland.
“Denver is a top-tier city, where the hotel rates are solid, the entertainment is great, and there’s lots to do,” Rignol said. “So, we thought it would be a great investment.”
Rignol said the company has previously acquired hotels in Portland, Boston, Houston and Wichita. He has a brother in Denver and visits often to ski.
Midwest Plains Capital plans to renovate the hotel and continue to operate it under a new rebranded name, which has yet to be decided. Rignol said the firm will invest around $1.7 million in improvements and spend at least $100,000 renovating each of the 18 rooms.
“We want it to be more upscale like the Four Seasons or the Oxford Hotel,” Rignol said. “The hotel is in phenomenal shape, and we really want to put a wow factor in and make it one of the best places to stay in the entire city.”
Midwest Plains Capital plans to reopen the Nativ Hotel as is in the next couple of weeks to take advantage of the current infrastructure and get customer feedback on what to incorporate in the renovation. Rignol said they’re aiming to reopen the hotel with improvements in April next year.
The Kansas-based investment firm is looking for tenants to lease the property’s restaurant, night club and backyard biergarten spaces, which total 10,000 square feet. Mark Valente and Shawn Sanborn with Sanborn & Co are marketing the spaces for lease.
Pangea Mortgage Capital, Nativ Hotel’s largest creditor, first purchased the 16,800-square-foot hotel and nightclub through the foreclosure process for $6 million on July 6, according to property records.
In September last year, Nativ Hotel owner KDA Properties LLC, which is owned by Amin Suliaman and Kenneth Ware, filed for Chapter 11 bankruptcy in an effort to slow down the foreclosure process.
KDA Properties said in its September 2021 filing that it owed $9.6 million to four creditors. The bulk of the money, $8 million, was owed to Pangea Mortgage Capital. Pangea initiated the foreclosure process for the hotel building in December 2020.
Between June 6-8, an auction for the Nativ was held, which Suliaman hoped would allow him to pay his creditors. But the top bid of $6.5 million was well below the auction’s $7.9 million minimum.
As a result, KDA Properties’ bankruptcy case was dismissed, and Pangea Mortgage Capital was given permission by a federal bankruptcy judge on June 13 to move ahead with a foreclosure sale of the property or “any other legal and equitable remedies to collect all amounts due.”
Suliaman and Pangea Mortgage Capital did not respond to a request for comment.
KDA Properties purchased Nativ Hotel and its real estate for $6 million in 2018 after the previous owners pulled out of operations, Suliaman told BusinessDen at the time.
Suliaman told BusinessDen in mid-May that Nativ Hotel has been closed since the pandemic began, but he allowed a promotion company to host events at the club, and that company was in charge when two individuals were shot inside the building in early May.
On June 22, Suliaman and two of his companies were sued by the victims of the shooting but no promotion companies were mentioned. The case is still ongoing.