A lender has initiated foreclosure proceedings on the Ramada hotel at 6210 Tower Road. (Google Maps)
A hotel near Denver International Airport has landed in foreclosure.
Northglenn-based Colorado Hospitality Services Inc. last week initiated foreclosure proceedings on the Ramada hotel at 6210 N. Tower Road. The firm claims that the property owner, Alpine Hospitality in Centennial, failed to pay off a $5.2 million loan it took out five years ago.
Attempts to reach the two parties through their attorneys were unsuccessful.
In February 2019, Alpine Hospitality took out a five-year loan with a 5.5 percent interest rate to refinance the property from North Valley Bank, according to public records. In early April, the bank sued Alpine Hospitality for failing to pay off the loan upon maturity.
North Valley sold the note to Colorado Hospitality Services about three weeks after filing the suit, records show. Foreclosure documents state that Alpine Hospitality has paid only a small portion of its loan, the outstanding balance being $4.59 million.
The TownePlace Suites adjacent to the property is nearly complete. (BusinessDen file)
Alpine Hospitality purchased the hotel in December 2001 for $3.1 million, according to public records, roughly six years after DIA opened for business. The hotel building was constructed in 1997 for $950,000, per the building permit.
The hotel was a Comfort Suites before becoming a Ramada between 2014 and 2015, according to Google Maps.
On the other side of the block is 6211 Argonne St., a vacant lot where another hotel was slated to be built. That site entered foreclosure proceedings last month after its owner missed payments on a $925,000 loan. In between that lot and the Ramada, at 6238 Tower Road, is a TownePlace Suites hotel nearing completion.
A lender has initiated foreclosure proceedings on the Ramada hotel at 6210 Tower Road. (Google Maps)
A hotel near Denver International Airport has landed in foreclosure.
Northglenn-based Colorado Hospitality Services Inc. last week initiated foreclosure proceedings on the Ramada hotel at 6210 N. Tower Road. The firm claims that the property owner, Alpine Hospitality in Centennial, failed to pay off a $5.2 million loan it took out five years ago.
Attempts to reach the two parties through their attorneys were unsuccessful.
In February 2019, Alpine Hospitality took out a five-year loan with a 5.5 percent interest rate to refinance the property from North Valley Bank, according to public records. In early April, the bank sued Alpine Hospitality for failing to pay off the loan upon maturity.
North Valley sold the note to Colorado Hospitality Services about three weeks after filing the suit, records show. Foreclosure documents state that Alpine Hospitality has paid only a small portion of its loan, the outstanding balance being $4.59 million.
The TownePlace Suites adjacent to the property is nearly complete. (BusinessDen file)
Alpine Hospitality purchased the hotel in December 2001 for $3.1 million, according to public records, roughly six years after DIA opened for business. The hotel building was constructed in 1997 for $950,000, per the building permit.
The hotel was a Comfort Suites before becoming a Ramada between 2014 and 2015, according to Google Maps.
On the other side of the block is 6211 Argonne St., a vacant lot where another hotel was slated to be built. That site entered foreclosure proceedings last month after its owner missed payments on a $925,000 loan. In between that lot and the Ramada, at 6238 Tower Road, is a TownePlace Suites hotel nearing completion.
