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$50M Condo Hotel Seen As a First for Denver

DENVER-Developers Jeff Selby and Michael Brenneman find a way to work around the difficulty obtaining financing for hotel projects in the wake of Sept. 11--build a 100-room hotel as a condominium form of ownership.

By John Rebchook | Updated on April 06, 2002

DENVER-Hotel developers Jeff Selby and Michael Brenneman plan to sell condominium units in their $50-million, 10-story luxury hotel for the Sears Roebuck & Co. parking lot in tony Cherry Creek. The developers, who own the ritzy Hotel Teatro in Downtown Denver, turned to the condo-hotel concept because traditional financing for hotels dried up after the terrorist attacks on Sept. 11.

With a condo hotel, the units are sold to individual investors, but the project is still run as a hotel.

That means it will still have a registration desk, room service, valet parking, ballroom and meeting space, as well as a top-notch restaurant.

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