Overview
The Hotel, projected to open in Q3 of 2024, can be sold at Certificate of Occupancy and will be the newest addition to the high-performing Fitzsimons hotel market. A trend report of nearby similar properties shows an overall occupancy of 80.5% with ADR of $149.53 and a $120.41 RevPAR for February 2024 TTM, which reflects a 5% RevPAR growth over February 2023 TTM (Source: STR Trend Report in VDR). The Hotel will benefit from its location in the heart of the region’s largest medical campus and is the closest hotel (less than 1 mile) to the Fitzsimons Light Rail Station (Public Transportation). With two premier Hilton brands in a market currently without another Hilton product, the Hotel should experience a rapid ramp-up to stabilization upon opening.
Investment Highlights
About Fitzsimons:
Fitzsimons is a combined 578-acre district that includes the Anschutz Medical Campus and the Fitzsimons Innovation Community. It employs over 25,000 people and is a $4.3 billion investment into what has become the largest medical-related redevelopment project in the United States.
The 227-acre CU Anschutz Medical Campus is the largest academic health center in the Rocky Mountain Region. Its campus encompasses six health professional schools (4,500 students), over 60 centers and institutes, and two nationally ranked partner hospitals and has over $11.5 billion in economic impact to the state of Colorado. The Anschutz Medical Campus includes the University of Colorado Hospital, which is the only academic hospital in the Rocky Mountain region, Children's Hospital and the University of Colorado School of Medicine's primary adult and pediatric hospital partners, which combined receive over 2 million patient visits annually.
The Fitzsimons Innovation Community is a 351-acre campus of leading-edge laboratory workspace where health and life sciences companies can conduct their research steps away from the Anschutz Medical Campus. Just north of the Anschutz Medical Campus, the Innovation Community collaborates with the University Hospital, Children's Hospital, VA Medical Center and the University of Colorado to move new medical breakthroughs into commercialization faster. Six hundred clinical trials are underway now. The campus is currently home to 80 companies and features 427,000 square feet of working laboratory and office space.
The U.S. Department of Veterans Affairs opened the Rocky Mountain Regional VA Medical Center in late July 2018, and provides nearly 400,000 Veterans in Colorado and adjacent states with state-of-the-art services, including VA’s first Spinal Cord Injuries and Disorders Center in the state. The Medical Center represents one of the Veterans Health Administration’s most ambitious projects ever: replacing the Eastern Colorado Health Care System facility with a new 1.2 million square foot facility, comprising nine buildings plus parking and site infrastructure.
Additionally, the Hotel is less than 20 minutes from Denver International Airport (“DIA”) which has direct light rail access less than a mile from the Hotel. Over 69.3 million passengers utilized DIA in 2022, exceeding the previous record set in 2019. As of the most recent report, DIA welcomed 12.3% more passengers through the airport in October year-to-date 2023, compared to the same period in 2022 due to the addition of 39 gates as part of the $2.1 billion Great Hall Project. The “Vision 100” initiative now anticipates that DIA will see 100 million annual passengers sooner than originally envisioned, as the new target is now 2028 rather than 2032.
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