The Table Mountain Inn at 1310 Washington Ave. Built a century ago, it was once owned by former Golden Mayor Lu Holland, who ran the hotel as the Holland House. (Courtesy Table Mountain Inn)
Frank Day is checking out of the Table Mountain Inn with a 7,500% return on his investment.
The president of Boulder-based hospitality firm Concept Restaurants sold the 74-room hotel at 1310 Washington Ave. in downtown Golden for $27.2 million last month, according to public records.
The buyer was Nashville hospitality investor AJ Capital Partners, which financed the deal with a $18.7 million loan from New York-based One William Street, records show.
The deal works out to $367,000 per room for the 100-year-old hotel, more than what Day paid for the entire property when he bought it in 1991 for $360,000, records show.
The Table Mountain Inn opened in 1925 as the Hotel Berrimoor. It changed names and hands several times over the next 60 years, before closing its doors in 1987. Day stepped into the picture four years later and reopened it as the Table Mountain Inn, for a time the city’s only full-service hotel.
Day also made significant changes to the property, adding 42 rooms, parking and its adobe-like Southwestern design.
The property is also home to Table Mountain Grill & Cantina and 5,000 square feet of event space.
It’s the second deal with AJ Capital Partners in as many months for Day. He sold Hotel Boulderado, just off the Pearl Street Mall in Boulder, in late March for $102 million, property records show.
Day’s Concept Restaurants now owns just one hotel, a Best Western in Colorado Springs. It also owns several restaurants, including the Boulder Social and Stout Street Social in Denver.
AJ Capital Partners, meanwhile, has a $5.4 billion portfolio of mostly residential and hospitality properties spanning Florida to California, along with a few international holdings, too. The two hotels in Golden and Boulder appear to be the company’s only Colorado holdings.
Day and AJ Capital Partners did not respond to multiple requests for comment.
This is the second major hotel deal in Golden in the past year. Local investment firm The Bailey Co. purchased The Golden Hotel for $23.5 million in October.
The Table Mountain Inn at 1310 Washington Ave. Built a century ago, it was once owned by former Golden Mayor Lu Holland, who ran the hotel as the Holland House. (Courtesy Table Mountain Inn)
Frank Day is checking out of the Table Mountain Inn with a 7,500% return on his investment.
The president of Boulder-based hospitality firm Concept Restaurants sold the 74-room hotel at 1310 Washington Ave. in downtown Golden for $27.2 million last month, according to public records.
The buyer was Nashville hospitality investor AJ Capital Partners, which financed the deal with a $18.7 million loan from New York-based One William Street, records show.
The deal works out to $367,000 per room for the 100-year-old hotel, more than what Day paid for the entire property when he bought it in 1991 for $360,000, records show.
The Table Mountain Inn opened in 1925 as the Hotel Berrimoor. It changed names and hands several times over the next 60 years, before closing its doors in 1987. Day stepped into the picture four years later and reopened it as the Table Mountain Inn, for a time the city’s only full-service hotel.
Day also made significant changes to the property, adding 42 rooms, parking and its adobe-like Southwestern design.
The property is also home to Table Mountain Grill & Cantina and 5,000 square feet of event space.
It’s the second deal with AJ Capital Partners in as many months for Day. He sold Hotel Boulderado, just off the Pearl Street Mall in Boulder, in late March for $102 million, property records show.
Day’s Concept Restaurants now owns just one hotel, a Best Western in Colorado Springs. It also owns several restaurants, including the Boulder Social and Stout Street Social in Denver.
AJ Capital Partners, meanwhile, has a $5.4 billion portfolio of mostly residential and hospitality properties spanning Florida to California, along with a few international holdings, too. The two hotels in Golden and Boulder appear to be the company’s only Colorado holdings.
Day and AJ Capital Partners did not respond to multiple requests for comment.
This is the second major hotel deal in Golden in the past year. Local investment firm The Bailey Co. purchased The Golden Hotel for $23.5 million in October.
