A US$55.6 million construction loan has been provided by HALL Structured Finance (HSF) for the construction of the Marriott International SpringHill Suites Hotel and extended stay Element by Westin Hotel in Downtown Colorado Springs. Construction on the property began in early 2020 without external financing however the pandemic affected the plans to go forward in this direction and the developers, Oliver Real Estate, had to look for construction loans in order to complete the project. The first loan was provided to a joint venture among Colorado Springs-based developers Olive Real Estate Group, Atlanta-based Hotel Equities Group, local contractor Colarelli Construction, and Hotel Operations Services LLC.
Also Read: IEA selected for construction of Panorama Wind Farm, Colorado
Construction on the eight-story property will eventually result in shared amenities on-site, which include an open-air courtyard with lounge seating that connects them, a fitness center, an indoor pool, a business center, and a whirlpool, as well as complimentary breakfast offerings. There will also be a restaurant on the ground floor, and a 6,700-square-foot rooftop bar and restaurant with views of the city and the surrounding area, and roughly 4,200 square feet of meeting and event space, according to information from HSF and an August 2020 press release from Olive Real Estate that detailed the development.
“Colorado Springs has shown tremendous growth as one of the most populous and fastest-growing cities in the state, offering visitors an abundance of outdoor activities, sports and entertainment, and business opportunities. This hotel development will be the first Marriott extended-stay option in Downtown Colorado Springs and will provide guests with access to Marriott’s extensive loyalty program. All of these factors made this a great project for us to finance,” said Mike Jaynes, the HSF President.
