Two Colorado limited-service hotels—the 70-room Hampton Inn Glenwood Springs and the 64-room Holiday Inn Express Glenwood Springs—were sold to Nightcap Management, which maintains a portfolio of properties throughout the Midwest.
Nightcap Management, based in Lincoln, Neb., has developed and purchased over 15 hotels with a combined value of more than $200 million over the past five years. Aspen, Colo.-based Terrapin Investments, which sold the hotels, invests in real estate properties including hotels and resorts, as well as a variety of other commercial real estate holdings.
Terrapin was represented by HREC Investment Advisors on the transaction. “The Glenwood Springs lodging market continues to thrive as a leisure drive-to destination market outside of the major ski resort areas with continued record tourism expenditures and hotel performance,” HREC SVP Mike Dubé said in a statement. “These two hotels offer a superior location at the base of the gondola for the Glenwood Caverns Adventure Park and are within walking distance of the world-famous Glenwood Hot Springs. As a result, these attributes along with the premium brands, make the Hotels the lodging of choice in this tourist market.”
Glenwood Springs is located directly off Interstate 70 at the confluence of the Roaring Fork River and the Colorado River. The city attracts 1.3 million visitors a year with access to world-class ski areas, mountain biking, fly fishing and kayaking.