Denver – Nexus Commercial Realty, LLC, has closed on the sale of The Stay Inn, a 27,001 SF hotel building for the sale price of $3,800,000. Sean Holamon of Nexus represented both the Buyer and the Seller in the transaction.
The acquisition of the hotel also included two parcels of land with frontage on Peoria Street, due east of the property. The land parcels, with I-B heavy industrial zoning, add over a half acre to the acquisition. The land parcels sold for $500,000.
The Stay Inn hotel is a four-story, exterior walk-up building that hosts 95 rooms. The property includes an executive suite and a manager’s office, and a number of the rooms feature kitchenettes.
The property is located off of I-70 and Peoria Street, convenient to the Denver International Airport. One block from the Peoria Light Rail Station.
The Buyer plans to shut down operations of the hotel to perform significant upgrades and implement professional hotel management. The Seller plans to 1031 exchange into a single-tenant NNN opportunity that is less management-intensive.
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