The Hampton Inn Denver International Airport at 6290 Tower Road in Denver. (Google Maps)
A buyer has been found for a distressed hotel near the airport.
The Hampton Inn Denver International Airport at 6290 Tower Road is under contract to be sold for $15.2 million, according to a court-appointed receiver that has overseen the property since November.
Colorado Hospitality Services LLC was selected as the buyer after a call for bids was made in January, according to court documents.
The hotel property is currently owned by Terrapin Tower Road LLC, which purchased it in July 2019 for $19 million, according to public records. It financed the acquisition with a $13.6 million loan from JPMorgan Chase.
Wilmington Trust, a trustee of the loan, said in a lawsuit last November that owners had defaulted on the loan by failing to make payments. It successfully requested that Trigild LLC be appointed as receiver.
In a March filing, Trigild said it hired HREC Investment Advisors to market the property for sale. The January call for offers resulted in nine written offers ranging from $13.6 million to $15.2 million, plus one verbal bid, according to the filing.
The seven top written bidders, plus the verbal bidder, were then asked to participate in another round of bidding, which resulted in three bids that ranged from $15 million to $15.2 million, according to the receiver.
Colorado Hospitality Services entered into a purchase agreement March 3. Closing is targeted for April or May, according to the receiver.
The Hampton Inn Denver International Airport at 6290 Tower Road in Denver. (Google Maps)
A buyer has been found for a distressed hotel near the airport.
The Hampton Inn Denver International Airport at 6290 Tower Road is under contract to be sold for $15.2 million, according to a court-appointed receiver that has overseen the property since November.
Colorado Hospitality Services LLC was selected as the buyer after a call for bids was made in January, according to court documents.
The hotel property is currently owned by Terrapin Tower Road LLC, which purchased it in July 2019 for $19 million, according to public records. It financed the acquisition with a $13.6 million loan from JPMorgan Chase.
Wilmington Trust, a trustee of the loan, said in a lawsuit last November that owners had defaulted on the loan by failing to make payments. It successfully requested that Trigild LLC be appointed as receiver.
In a March filing, Trigild said it hired HREC Investment Advisors to market the property for sale. The January call for offers resulted in nine written offers ranging from $13.6 million to $15.2 million, plus one verbal bid, according to the filing.
The seven top written bidders, plus the verbal bidder, were then asked to participate in another round of bidding, which resulted in three bids that ranged from $15 million to $15.2 million, according to the receiver.
Colorado Hospitality Services entered into a purchase agreement March 3. Closing is targeted for April or May, according to the receiver.
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