The Hyatt House at 13351 W. Midway Blvd. in Broomfield. (Facebook)
A Hyatt hotel in Broomfield is now being run by a court-appointed caretaker at the request of Wells Fargo, which says it has been propping up the unsuccessful business.
Trigild, a property and asset management firm out of Dallas, is being paid $350 per hour to operate the Hyatt House extended-stay hotel at 13351 E. Midway Blvd.
Wells Fargo sued the hotel in Broomfield District Court on May 13, saying the hotel owes $12.3 million from a 2018 loan. The bank has “advanced funds to the borrower to pay certain vendors” but then refused to lend the hotel more money until a receiver was in place.
“The property will be unable to make loan payments or pay operating expenses on an ongoing basis because the property does not generate sufficient cash flow,” the lawsuit states.
The Hyatt is owned by The Levine Organization, a developer in Melville, N.Y., that owns five office buildings and four hotels, most of which are in Melville. Levine, which did not object to the receivership, did not respond to BusinessDen’s requests to discuss the hotel.
Hyatt House Boulder Broomfield has 90,000 square feet. The property sold for $10 million in 2005 and then to Levine for $18.3 million in 2018, the same year Levine borrowed $13.5 million from Column Financial, a national lender. Wells Fargo is the trustee for that loan.
The bank’s lawyer is Craig M.J. Allely in the Denver office of Perkins Coie, a global firm.
The Hyatt House at 13351 W. Midway Blvd. in Broomfield. (Facebook)
A Hyatt hotel in Broomfield is now being run by a court-appointed caretaker at the request of Wells Fargo, which says it has been propping up the unsuccessful business.
Trigild, a property and asset management firm out of Dallas, is being paid $350 per hour to operate the Hyatt House extended-stay hotel at 13351 E. Midway Blvd.
Wells Fargo sued the hotel in Broomfield District Court on May 13, saying the hotel owes $12.3 million from a 2018 loan. The bank has “advanced funds to the borrower to pay certain vendors” but then refused to lend the hotel more money until a receiver was in place.
“The property will be unable to make loan payments or pay operating expenses on an ongoing basis because the property does not generate sufficient cash flow,” the lawsuit states.
The Hyatt is owned by The Levine Organization, a developer in Melville, N.Y., that owns five office buildings and four hotels, most of which are in Melville. Levine, which did not object to the receivership, did not respond to BusinessDen’s requests to discuss the hotel.
Hyatt House Boulder Broomfield has 90,000 square feet. The property sold for $10 million in 2005 and then to Levine for $18.3 million in 2018, the same year Levine borrowed $13.5 million from Column Financial, a national lender. Wells Fargo is the trustee for that loan.
The bank’s lawyer is Craig M.J. Allely in the Denver office of Perkins Coie, a global firm.
