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5010 W 88th PlWestminster, CO 80031
Residence Inn by Marriott Denver North/Westminster
Asset ClassHotel & Hospitality
# Keys94
Residence Inn by Marriott Denver North/Westminster
overview of deal

Overview

The Residence Inn by Marriott Denver North/Westminster is an extended stay hotel featuring 94 guest rooms offering spacious suites with fully equipped kitchens, separate living areas, and other amenities designed for longer stays. The property maintains several amenities such as an indoor pool, fitness room, business center, market pantry, guest laundry, sport court, outdoor patio and barbecue area and breakfast area. The Hotel is a four-story interior corridor property located in Westminster, Colorado. The Hotel was built in 1999, and a full cycle PIP is due in 2027. The current license extends until 2042.

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Investment Highlights

Prime Location with Easy Access to Major Commuter Cities: The Property is accessible from U.S. Route 36/Denver-Boulder Turnpike. Situated approximately 11 miles from downtown Denver and less than 18 miles from Boulder, Colorado. Well-connected by major highways like Interstate 25 and the Denver-Boulder Turnpike. Public transportation is provided by the Regional Transportation District offering bus services within the city and to neighboring areas. With significant projects like the expansion of the Denver International Airport and nearly $5 billion earmarked for downtown development, the city is poised for substantial growth, which will positively enhance Westminster’s visibility.

 

Corporate Headquarters Nearby: Corporate headquarters located in Westminster, Colorado, include Ball Corporation, Maxar, Trimble and Tri-State Generation. Additionally, major area businesses include CenturyLink, Deloitte, and Lockheed Martin. Universities in the area include Regis University and the University of Colorado Boulder. Westminster is in the midst of a comprehensive redevelopment initiative focused on revitalizing its downtown area, spanning 105 acres. Spearheaded by the City, the project aims to transform Westminster into a pedestrian-friendly urban hub by 2030. This ambitious endeavor is expected to incorporate more than 2 million square feet of office and retail space alongside 2,300 residential units.

 

Proximity to Notable Demand Generators: Westminster, Colorado, strategically situated between Denver and Boulder, offers travelers seamless access to a wealth of attractions in both cities. Within Westminster itself, the vibrant Westminster Promenade, a mere 3.1 miles away, serves as an entertainment mecca, boasting an eclectic mix of shops, dining options, and entertainment venues. Travelers can easily explore Denver’s convenience, a short 10 miles away, where landmarks like Coors Field, Empower Field at Mile High Stadium, and Ball Arena beckon sports enthusiasts with their allure. Adjacent to Westminster lies Boulder, aptly dubbed a “Luxury City,” boasting higher-than-average earnings and a distinctive cultural landscape framed by the University of Colorado and the majestic Flatiron Mountains, making it a magnet for varied activities. Just 20 miles from Westminster lies the iconic Red Rocks Amphitheatre, renowned worldwide for its unparalleled concerts, impeccable acoustics, and stunning vistas. With a capacity for 9,525 attendees, this premier outdoor music venue, nestled at an elevation of 6,450 feet, promises an unforgettable experience. Cultural aficionados can immerse themselves in Westminster’s vibrant arts scene, highlighted by events like the Westminster Jazz & Arts Fest and Westminster Brewing Company, just 4.4 miles away. Golf enthusiasts can tee off at premier courses such as Legacy Ridge Golf Course, a short 3.4 miles away, or the Walnut Creek Golf Preserve, a scenic 6.6-mile drive. Nature lovers can marvel at the wonders of the Butterfly Pavilion, a mere 2.8 miles from Westminster. The Denver International Airport, one of the top busiest airports in the U.S. and the world, is less than 30 miles from the subject property.

 

Highly Sought-After Brand: Residence Inn by Marriott is a renowned extended stay hotel brand offering spacious suites equipped with full kitchens, catering to the needs of long-term travelers. With complimentary breakfast, evening socials, and amenities like fitness centers and swimming pools, Residence Inn provides a comfortable and convenient experience for guests staying for extended periods, ensuring they feel at home away from home. As a Residence Inn, the Hotel is recognized as a member of the Marriott International franchise. Marriott International operates in more than 140 countries worldwide, with thousands of properties under its umbrella.

 

Unencumbered Offering: This offering provides an investor the ability to acquire the Property unencumbered by management or existing debt, presenting an exceptional operational opportunity for robust revenue growth through strategic implementation of aggressive yield management strategies.

Operating Summary

TTM March 2024
Year 2 ProForma
Occupancy
76.4%
78.7%
ADR
$139.98
$154.20
RevPar
$106.94
$121.34
Room Revenue
$3,679,304
$4,163,308
Total Revenue
$3,722,371
$4,209,508
Total Expenses
$2,560,888
$2,574,254
Capital Replacement Reserve
$148,895
$168,380
Management Fee
$111,671
$126,285
Net Operating Income
$1,012,588
$1,466,874
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5010 W 88th PlWestminster, CO 80031
Downtown Westminster Redevelopment
Lutheran Medical Center
Butterfly Pavilion
Ball Corporation Corporate Headquarters
North Suburban Medical Center
Trimble Headquarters
Mazar Technologies
Regis University
Downtown Denver

Sales Team

Chris GomesExecutive Managing Director Investments(972) 786-2719chris.gomes@marcusmillichap.com
Adam A Lewis Broker of Record - License: ER100091205 (303) 328-2000

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Listing provided by Revere CRE