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1/11/24
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KT Development acquired a three-acre land site in Centennial, CO (Arapahoe County) for the development of a 122-room WoodSpring Suites Hotel. The land was purchased for $1.2 mil and construction for the project is anticipated to complete in late 2024.
WoodSpring Suites Hotel is an extended stay brand from Choice Hotels International Inc, one of the world’s largest hotel chains, which owns 20-plus hotel brands ranging from upscale to economy.
The site is within a larger development called Potomac Park & Industrial Complex, which is situated on just over 154 acres and is well-located a short drive from Centennial Airport, Denver Technology Center and Inverness Business Park. It is also proximate to Interstate 25, E-470, Arapahoe Road, and Parker Road (Highway 83).
Rick Egitto and Howard Schmidt with Avison Young represented the buyer in the deal. The seller, Paragon Financial Partners, was repped by Bo Pitto, Chris Schultz and James McGill of JLL.
Over the past two years, Egitto has led the Avison Young land search team on behalf of KT Development. KT Development is currently seeking an additional 15 hotel sites throughout the state of Colorado.
Jeff Kochevar, Managing Member with KT Development commented, “Our hotels, be they WoodSpring Suites or EverHome, also function well as Attainable Housing in mountain communities. With the right incentives, we can deliver a significant amount of rooms at a favorable price compared to home ownership, which is especially useful for a seasonal workforce or where affordable employee housing is a significant problem.”
Previously, Egitto and Schmidt represented Genesis in its acquisition of a WoodSpring Suites Hotel site in Greeley, CO, which should deliver in March of this year. Other new WoodSpring Suites hotels are located in Thornton, Broomfield, Colorado Springs and Ft. Collins.
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