Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged $9,100,000 in acquisition financing for Holiday Inn Express & Suites located at 9856 Federal Dr in Colorado Springs, Colorado.
Phillip Gause, Senior Vice President, Capital Markets, and Tyler Waller, Senior Director, Capital Markets, based out of MMCC’s Denver and Phoenix offices, secured the financing.
“We were pleased to have the opportunity to place this financing on behalf of our client for their entry into the Colorado hospitality market,” said Waller. “Despite current market challenges, we were able to effectively leverage our platform to identify the right capital partner that understood the overall opportunity as well as our clients’ value-add business plan.”
Constructed in 2018, the 87-key hotel is located adjacent to I-25 and near the United States Air Force Academy. Several major companies are located less than a mile from the property, including Lockheed Martin RMS, Bal Seal Engineering, Inc, Philips, Northrop Grumman, Western Digital and Progressive Insurance. Also located 20 miles from the property is the Peterson Space Force Base, which has a $1.3 billion yearly economic impact.