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Phoenix & Southwest  + Southwest  + Hospitality  | 
Hotel Elegante in Colorado Springs, Colo.

Colorado Springs Hotel Sells, Slated for Redevelopment

An “outdated” hotel property in Colorado Springs, Colo., is set to be redeveloped and repositioned after the $42.5 million sale of Hotel Elegante.

Parkview Financial is providing the loan to Austin, Tex.-based Shir Capital for the purchase of the hotel, which is located at 2886 S. Circle Dr.

Built in 1974 and situated on 17 acres, Hotel Elegante is a 496-key hotel that features a conference center, restaurant, pool, and lounge. With the sale complete, the new ownership is now embarking on a phased renovation on common areas as well as the conversion of the rooms to studio apartments over the next 24 months, according to a news release.

Malcolm Davies and Zack Streit of The Davies Group at Los Angeles-based George Smith Partners, arranged the financing on behalf of the borrower.

Adding in the release, CEO and founder of Parkview Financial says, “This dated hotel presented an ideal adaptive reuse strategy for the borrower. Ultimately, the project will help meet some of the pent-up demand for workforce housing in the underhoused and growing Colorado Springs market.”

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About Jason Middleton

  • ◦Sale/Acquisition