October 2022

A Texas developer has acquired the Hotel Elegante Conference & Event Center for $25 million as it looks to proceed with plans to turn Colorado Springs’ second-largest hotel into nearly 500 apartments targeted at entry-level workers. The 496-room hotel at 2886 S. Circle Drive is expected to remain open during the one-year conversion process, but the hotel’s restaurant […]

Malcolm Davies and Zack Streit of The Davies Group at Los Angeles-based George Smith Partners, a premier commercial real estate capital advisory firm, arranged $42.5 million in construction financing for the conversion of a 496-key hotel to a market-rate multifamily complex in Southeast Colorado Springs. The financing was arranged on behalf of Shir Capital and the

Increasing rents join home prices in pressuring local housing affordability Rising rents, affordable housing, and efforts – sometimes defeated by neighbors – to build new apartments get as much attention in the Tri-Cities these days as home sales. In many ways, they share the same opportunities and challenges as the rest of the housing economy.