Seven Broomfield Hotels Still On Track

|October 15, 2008|Broomfield|

by Osman Parvez
—-

Everyone seems to be talking about gloomy economic times, but you may be surprised to find out that many projects are still striding forward. Seven hotels are scheduled for completion along US 36 by 2012, when ConocoPhillips is expected to open up shop at the former StorageTek campus.

Denver Business Journal reports:

“Obviously all of the major lenders have pulled out of the market, and no one on Wall Street is going to finance $100 million projects,” said Steve Hennis, director of Hospitium, a hospitality research firm based in Arvada. “A lot of those projects on the Boulder corridor are probably $20-$25 million.”

Here is a breakdown of the seven projects:

Hotel Developer Address Rooms Cost Status
Aloft Broomfield Stonebridge Cos. 8300 Arista Place 140 Broke ground 5/08, completion in Spring 09
Hilton Garden Inn Broomfield Corporex Colorado LLC 505 Zang Street 135 Planned groundbreaking in fall 2008
Staybridge Suites Dixon Cos. Inc. 460 Flatiron Crossing 140 $16 m Securing financing. Submitted plan to
Broomfield City Council in August.
Cambria Suites Broomfield Oxford Development 12000 W. Midway 129 $17 m Breaks ground in Spring 09
Hotel Indigo Broomfield InterContinental
Hotels Group
3 Flatiron Crossing 153 Planned groundbreaking in early 2009
Nylo Hotel Granite Properties
Urban Frontier LLC
565 Interlocken 176 City approval in May. On four acres of 12-acre,
mixed-use project.
Hyatt Summerfield Suites Oxford Development 13450 Via Varra 123 $15 m Recently broke ground, LEED certification

These hotels would add over 800 rooms to Broomfield, more than doubling its current amount. However, these projects are cheaper than typical, full-service hotels. They offer limited-service or extended-stay lodging. The smaller brands are facing a bit of difficulty in securing financing, but most are confident despite the tight credit market.

Numerous hotels already litter the 36 corridor. These new projects are a direct response to ConocoPhillips’ announcement earlier this year of launching a training facility after purchasing the StorageTek campus in Broomfield for $58 million. Not only does it illustrate the ConocoPhillips impact, but this is yet another step towards the revamp and filling in of the corridor between Denver and Boulder.

image: Hilton Garden Inn (Raleigh, NC) by batsignal


—-

Like this analysis?    Subscribe to our client research report.     
Want to get blog updates via email?  Click HERE.       
Ready to buy or sell?  Schedule an appointment or call 303.746.6896. 
You can also like our Facebook page or follow us on Twitter.

As always, your referrals are deeply appreciated.  

The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties.   We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate. 

Testimonials

Seven Broomfield Hotels Still On Track

|October 15, 2008|Broomfield|

by Osman Parvez
—-

Everyone seems to be talking about gloomy economic times, but you may be surprised to find out that many projects are still striding forward. Seven hotels are scheduled for completion along US 36 by 2012, when ConocoPhillips is expected to open up shop at the former StorageTek campus.

Denver Business Journal reports:

“Obviously all of the major lenders have pulled out of the market, and no one on Wall Street is going to finance $100 million projects,” said Steve Hennis, director of Hospitium, a hospitality research firm based in Arvada. “A lot of those projects on the Boulder corridor are probably $20-$25 million.”

Here is a breakdown of the seven projects:

Hotel Developer Address Rooms Cost Status
Aloft Broomfield Stonebridge Cos. 8300 Arista Place 140 Broke ground 5/08, completion in Spring 09
Hilton Garden Inn Broomfield Corporex Colorado LLC 505 Zang Street 135 Planned groundbreaking in fall 2008
Staybridge Suites Dixon Cos. Inc. 460 Flatiron Crossing 140 $16 m Securing financing. Submitted plan to
Broomfield City Council in August.
Cambria Suites Broomfield Oxford Development 12000 W. Midway 129 $17 m Breaks ground in Spring 09
Hotel Indigo Broomfield InterContinental
Hotels Group
3 Flatiron Crossing 153 Planned groundbreaking in early 2009
Nylo Hotel Granite Properties
Urban Frontier LLC
565 Interlocken 176 City approval in May. On four acres of 12-acre,
mixed-use project.
Hyatt Summerfield Suites Oxford Development 13450 Via Varra 123 $15 m Recently broke ground, LEED certification

These hotels would add over 800 rooms to Broomfield, more than doubling its current amount. However, these projects are cheaper than typical, full-service hotels. They offer limited-service or extended-stay lodging. The smaller brands are facing a bit of difficulty in securing financing, but most are confident despite the tight credit market.

Numerous hotels already litter the 36 corridor. These new projects are a direct response to ConocoPhillips’ announcement earlier this year of launching a training facility after purchasing the StorageTek campus in Broomfield for $58 million. Not only does it illustrate the ConocoPhillips impact, but this is yet another step towards the revamp and filling in of the corridor between Denver and Boulder.

image: Hilton Garden Inn (Raleigh, NC) by batsignal


—-

Like this analysis?    Subscribe to our client research report.     
Want to get blog updates via email?  Click HERE.       
Ready to buy or sell?  Schedule an appointment or call 303.746.6896. 
You can also like our Facebook page or follow us on Twitter.

As always, your referrals are deeply appreciated.  

The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties.   We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate. 

Share This Listing!

More about the author

Osman Parvez

Owner & Broker at House Einstein as well as primary author of the House Einstein blog with over 1,200 published articles about Boulder real estate. His work has appeared in the Wall Street Journal and Daily Camera.

Osman is the primary author of the House Einstein blog with over 1,200 published articles about Boulder real estate. His work has also appeared in many other blogs about Boulder as well as mainstream newspapers, including the Wall Street Journal and Daily Camera. Learn more about Osman.

Facebook | Twitter | Instagram | YouTube

Work with

House Einstein

Thinking about buying or selling and want professional advice?
Call us at 303.746.6896

Your referrals are deeply appreciated.

Like this content? Want more fresh listings? Subscribe to our newsletter!

This field is for validation purposes and should be left unchanged.