Author name: vmvcap

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 …

Colorado Springs hotel sold to Texas developers, will undergo transformation Read More »

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 …

The Davies Group at George Smith Partners successfully secures $42.5 million in construction financing for hotel-to-multifamily conversion in Colorado Springs Read More »

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. …

Increasing rents join home prices in pressuring local housing affordability Read More »