The Holiday Inn Express & Suites Wheat Ridge-Denver West hotel. (Google Maps)
A hotel along Interstate 70 in Wheat Ridge has entered foreclosure.
The owner of the Holiday Inn Express & Suites Wheat Ridge-Denver West at 10101 Interstate 70 Frontage Road South has defaulted on a $9.66 million loan that was issued in June 2018, according to paperwork submitted to Jefferson County.
Wilmington Trust, trustee for the loan originally made by JPMorgan Chase, said in foreclosure paperwork this month that $8.85 million is still owed on the loan.
The nature of the default is not specified in the paperwork. Craig Schuenemann, a Bryan Cave Leighton Paisner attorney representing the lender, didn’t respond to a request for comment.
The hotel property is owned by Sherman Wheat Ridge LLC and Terrapin Wheat Ridge LLC, which purchased the property in June 2018 for $12.5 million, according to public records.
The deal was financed with the Chase loan. The original agreement states the loan would mature, or come due, in July 2028. Tony Sherman, founder of Terrapin Hospitality, signed the loan paperwork on behalf of the two LLCs.
A request for comment left with the hotel’s front desk was not returned.
The Holiday Inn Express & Suites Wheat Ridge-Denver West hotel. (Google Maps)
A hotel along Interstate 70 in Wheat Ridge has entered foreclosure.
The owner of the Holiday Inn Express & Suites Wheat Ridge-Denver West at 10101 Interstate 70 Frontage Road South has defaulted on a $9.66 million loan that was issued in June 2018, according to paperwork submitted to Jefferson County.
Wilmington Trust, trustee for the loan originally made by JPMorgan Chase, said in foreclosure paperwork this month that $8.85 million is still owed on the loan.
The nature of the default is not specified in the paperwork. Craig Schuenemann, a Bryan Cave Leighton Paisner attorney representing the lender, didn’t respond to a request for comment.
The hotel property is owned by Sherman Wheat Ridge LLC and Terrapin Wheat Ridge LLC, which purchased the property in June 2018 for $12.5 million, according to public records.
The deal was financed with the Chase loan. The original agreement states the loan would mature, or come due, in July 2028. Tony Sherman, founder of Terrapin Hospitality, signed the loan paperwork on behalf of the two LLCs.
A request for comment left with the hotel’s front desk was not returned.
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