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UK Owner Gets About $5 Mil for Colorado Springs' Quality Inn

COLORADO SPRINGS, CO-Millennium Hotels and Resorts of the United Kingdom is selling off limited-service hotels. Colorado Springs' Quality Inn makes the "to go" list, bringing in about $5 million for the strategy.

By John Rebchook | Updated on February 08, 2001

COLORADO SPRINGS, CO-McBride Associates LLC is the new owner of the 156-room Quality Inn in Colorado Springs, reportedly paying between $30,000 to $35,000 per unit to Millennium Hotels and Resorts of the United Kingdom.

The per unit price puts the purchase price in the $4.7 million to $5.46 million range. The sale equates to a 12% cap rate.

“The cap rate, which some might consider aggressive for a mid-1980s constructed hotel, reflects some key market conditions,” Jim Nelms, a broker with Denver-based Coldwell Banker Commercial American Spectrum, told GlobeSt.com. But he says an astute investor will find value in the Springs, about 60 miles south of Denver.

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