The Ramada hotel at 6210 Tower Road in Denver. (Google Maps)
A Ramada hotel near Denver International Airport has landed in the hands of a new owner after financial turbulence.
Northglenn-based Colorado Hospitality Services, or CHS, purchased the hotel at 6210 N. Tower Road last month for $7.5 million, the company confirmed to BusinessDen.
The property entered foreclosure last June and its then-owner, Alpine Hospitality, filed for Chapter 11 bankruptcy in July. A lawsuit against Alpine over a loan on the property is still pending.
Alpine bought the hotel — once a Comfort Suites — in December 2001 for $3.1 million, records show. In February 2019, Alpine refinanced the property with a five-year, 5.5% interest loan for $5.2 million from North Valley Bank.
In early April 2024, North Valley sued Alpine Hospitality in Denver District Court for failing to pay off the loan upon maturity. Weeks later, it sold the loan to CHS, which initiated the foreclosure proceedings, saying Alpine still owed $4.6 million.
“Our company has experience in receiverships, purchasing properties, upgrading properties as necessary to reposition them, and property management. Currently, we are evaluating future plans for this property to best compete in the Tower Road market,” Jordan Anderson, who works in development and acquisitions for CHS, said in an email.
Alpine’s owner, Wanda Bertoia, could not be reached for comment.
In court filings, Alpine objected to the loan sale and indicated the company had hoped to reach a deal with North Valley.
“NVB’s plan to secretly sell its note to a competitor of Alpine’s in the middle of a normal and usual loan renewal frustrated the reasonable expectations of Alpine. NVB thus violated its covenant of good faith and fair dealing in its loan documentation,” Alpine Hospitality wrote in January.Â
CHS responded to the filing a week later, calling Alpine’s arguments “bizarre” and saying the company failed to explain the basis for its allegations. A judge has yet to rule on CHS’ late 2024 request for summary judgment.
In a Jan. 31 bankruptcy court filing, Alpine said it had an unidentified buyer willing to pay $8.3 million for the property and asked a judge to approve the sale.
CHS and the Small Business Administration, which had lent millions to Bertoia, subsequently objected. They cited a lack of information about the possible transaction and stated that the price was less than the $8.4 million in total debt on the property.
The sale didn’t happen. Alpine told the court at the end of February that the buyer “changed its mind.”Â
Filings in the Denver District Court lawsuit indicate Alpine once contemplated a deed-in-lieu of foreclosure, in which it would hand the property to CHS. But in mid-March, bankruptcy court filings show Alpine and CHS reached an alternate resolution: the $7.5 million purchase of the property by CHS.
The amount Alpine owed CHS on the loan — which had ballooned to $5.7 million — counted as a credit bid, meaning it was subtracted from the purchase price.
CHS will want to make some changes at the Ramada. The hotel, which employed 19 full-timers, posted a $22,000 loss in February, bankruptcy documents show.
“The Ramada is in close proximity to other properties we own and operate on Tower Road, making this a fitting addition to our company,” said CHS employee Anderson.
The Ramada hotel at 6210 Tower Road in Denver. (Google Maps)
A Ramada hotel near Denver International Airport has landed in the hands of a new owner after financial turbulence.
Northglenn-based Colorado Hospitality Services, or CHS, purchased the hotel at 6210 N. Tower Road last month for $7.5 million, the company confirmed to BusinessDen.
The property entered foreclosure last June and its then-owner, Alpine Hospitality, filed for Chapter 11 bankruptcy in July. A lawsuit against Alpine over a loan on the property is still pending.
Alpine bought the hotel — once a Comfort Suites — in December 2001 for $3.1 million, records show. In February 2019, Alpine refinanced the property with a five-year, 5.5% interest loan for $5.2 million from North Valley Bank.
In early April 2024, North Valley sued Alpine Hospitality in Denver District Court for failing to pay off the loan upon maturity. Weeks later, it sold the loan to CHS, which initiated the foreclosure proceedings, saying Alpine still owed $4.6 million.
“Our company has experience in receiverships, purchasing properties, upgrading properties as necessary to reposition them, and property management. Currently, we are evaluating future plans for this property to best compete in the Tower Road market,” Jordan Anderson, who works in development and acquisitions for CHS, said in an email.
Alpine’s owner, Wanda Bertoia, could not be reached for comment.
In court filings, Alpine objected to the loan sale and indicated the company had hoped to reach a deal with North Valley.
“NVB’s plan to secretly sell its note to a competitor of Alpine’s in the middle of a normal and usual loan renewal frustrated the reasonable expectations of Alpine. NVB thus violated its covenant of good faith and fair dealing in its loan documentation,” Alpine Hospitality wrote in January.Â
CHS responded to the filing a week later, calling Alpine’s arguments “bizarre” and saying the company failed to explain the basis for its allegations. A judge has yet to rule on CHS’ late 2024 request for summary judgment.
In a Jan. 31 bankruptcy court filing, Alpine said it had an unidentified buyer willing to pay $8.3 million for the property and asked a judge to approve the sale.
CHS and the Small Business Administration, which had lent millions to Bertoia, subsequently objected. They cited a lack of information about the possible transaction and stated that the price was less than the $8.4 million in total debt on the property.
The sale didn’t happen. Alpine told the court at the end of February that the buyer “changed its mind.”Â
Filings in the Denver District Court lawsuit indicate Alpine once contemplated a deed-in-lieu of foreclosure, in which it would hand the property to CHS. But in mid-March, bankruptcy court filings show Alpine and CHS reached an alternate resolution: the $7.5 million purchase of the property by CHS.
The amount Alpine owed CHS on the loan — which had ballooned to $5.7 million — counted as a credit bid, meaning it was subtracted from the purchase price.
CHS will want to make some changes at the Ramada. The hotel, which employed 19 full-timers, posted a $22,000 loss in February, bankruptcy documents show.
“The Ramada is in close proximity to other properties we own and operate on Tower Road, making this a fitting addition to our company,” said CHS employee Anderson.
