NavPoint closes Hotel acquisition in Castle Rock, Colorado for $3,300,000 in an off-market sale
navpoint / January 13, 2022
Castle Rock, CO – NavPoint Real Estate Group is pleased to announce it has completed the sale of the 31,414 SF hotel property located at 200 Wolfensberger Road in Castle Rock.
200 Wolfensberger Road is located at West Wolfensberger Road and West Plum Creek Parkway. The property was built in 1994, and formerly operated as an independent hotel features 68 rooms, with meeting & event space and a fitness center. The Buyer intends to significantly renovate the property and convert it into a Quality Inn & Suites by Choice Hotels facility with a tentative grand re-opening scheduled for Spring of 2022.
The Seller, KJMM Inc., was represented by Robert Hara of Keller Williams Realty DTC, LLC. The Buyer, 200 Wolfensberger Road, LLC, was represented by Matt Call and Mike Quinlan of NavPoint Real Estate Group. The buyer acquired the property via a 1031 exchange.
NavPoint Principal, Matt Call commented on the sale “This property with its location adjacent to the I-25 Wolfensberger Road interchange, and price per room acquisition created a strategic opportunity for the Buyer to acquire a well located hospitality property at well below replacement cost. With the explosive growth in Castle Rock and low hotel room count the re-brand to a Choice property will add much needed quality hotel inventory to the Castle Rock market.”
This transaction successfully closed in December 2021.
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