The Golden Hotel operates at 800 11th St. in Golden. (Google Maps)
After a 20-year stay as owner, Stephen Tebo is checking out of The Golden Hotel.
“I just decided it was time to get some new blood in there,” said Tebo, owner of Boulder-based Tebo Properties.
Tebo’s firm sold the 62-room hotel at 800 11th St. in the heart of Golden last week for $23.5 million, or $380,000 a room, according to public records.
The buyer was The Bailey Co., a real estate investment firm launched over 50 years ago as an Arby’s franchisee. Bailey was the fast-food brand’s seventh-largest franchisor until the company offloaded many of its locations in 2013.
The Bailey Co.’s David Bailey, who did not respond to multiple requests for comment, is a co-owner of 3rd Shot Pickleball, which has locations in Wheat Ridge and Longmont.
The Golden Hotel opened in 1999. Tebo bought it in 2004 — for $3.6 million, records show — at the suggestion of his banker, he said.
“It was an opportunity, I felt, to improve upon it,” he said.
Choice Hotels operates the property under its “Ascend Collection,” reserved for spots that are “historic, boutique and one of a kind,” per its website. The hotel has a full-service restaurant, the Bridgewater Grill, which Tebo said is “one of the best restaurants in Golden.”
Tebo said he upgraded the building frequently. Improvements include adding rooftop solar panels and replacing windows in the entire building.
Other amenities include the restaurant’s patio overlooking Clear Creek and 6,500 square feet of meeting and event space.
Tebo said the hotel is completely booked up on weekends and averages above 80 percent occupancy. A standard room with two queen beds costs hovers between $150-$200 a night.
Tebo Properties is a large landlord, especially in Boulder, where the firm has a sizable Pearl Street presence. In total, the firm controls 250 properties spanning 4 million square feet across office, retail and industrial, per its website. It manages another Golden property, a three-story office building along Denver West Parkway.
The Golden Hotel is a block away from the former Golden High School, which a pair of mountaineering nonprofits sold last month for $9.5 million.
The Golden Hotel operates at 800 11th St. in Golden. (Google Maps)
After a 20-year stay as owner, Stephen Tebo is checking out of The Golden Hotel.
“I just decided it was time to get some new blood in there,” said Tebo, owner of Boulder-based Tebo Properties.
Tebo’s firm sold the 62-room hotel at 800 11th St. in the heart of Golden last week for $23.5 million, or $380,000 a room, according to public records.
The buyer was The Bailey Co., a real estate investment firm launched over 50 years ago as an Arby’s franchisee. Bailey was the fast-food brand’s seventh-largest franchisor until the company offloaded many of its locations in 2013.
The Bailey Co.’s David Bailey, who did not respond to multiple requests for comment, is a co-owner of 3rd Shot Pickleball, which has locations in Wheat Ridge and Longmont.
The Golden Hotel opened in 1999. Tebo bought it in 2004 — for $3.6 million, records show — at the suggestion of his banker, he said.
“It was an opportunity, I felt, to improve upon it,” he said.
Choice Hotels operates the property under its “Ascend Collection,” reserved for spots that are “historic, boutique and one of a kind,” per its website. The hotel has a full-service restaurant, the Bridgewater Grill, which Tebo said is “one of the best restaurants in Golden.”
Tebo said he upgraded the building frequently. Improvements include adding rooftop solar panels and replacing windows in the entire building.
Other amenities include the restaurant’s patio overlooking Clear Creek and 6,500 square feet of meeting and event space.
Tebo said the hotel is completely booked up on weekends and averages above 80 percent occupancy. A standard room with two queen beds costs hovers between $150-$200 a night.
Tebo Properties is a large landlord, especially in Boulder, where the firm has a sizable Pearl Street presence. In total, the firm controls 250 properties spanning 4 million square feet across office, retail and industrial, per its website. It manages another Golden property, a three-story office building along Denver West Parkway.
The Golden Hotel is a block away from the former Golden High School, which a pair of mountaineering nonprofits sold last month for $9.5 million.
