Atlanta-based Hotel Equities and an affiliate of Colorado Springs-based Olive Real Estate Group broke ground on a new dual-branded SpringHill Suites by Marriott and Element by Westin in downtown Colorado Springs June 17.
“Expected to open in 2021, the dual-branded hotel will be the first-ever combination of these two powerful and distinct brands from the Marriott portfolio under one roof,” Olive Real Estate Group said in a news release. “With a combined 259 guestrooms and suites, the hotel development is located at 402 South Tejon Street and is owned by an affiliate of Olive Real Estate Group. The ground breaking is the first qualified Opportunity Zone project in Colorado Springs and the development team intends to deliver a win-win project for both their hometown community and investors.”
The SpringHill Suites and Element-Downtown Colorado Springs is an Urban Renewal Authority project. The hotel is planned to be 295,000 square feet with 216 underground public parking spaces, street level retail and a rooftop restaurant and bar overlooking Pikes Peak and the Front Range.
“The hotel will add 4,200 square feet of meeting [and] event space to the market and will feature stunning mountain views from an ideal location in the heart of the central business district in downtown Colorado Springs,” the release said.
“We are proud partners on this hotel development project,” said Fred Cerrone, founder & chairman of Hotel Equities said in the release. “The dual-branded model is intended to attract a more diverse range of guests, and meet the market’s increased demand for upper upscale, urban, select service and extended stay hotels with unique accommodations. The food and beverage concept with restaurant and roof top bar will be one-of-a-kind with an upgraded offering to cater to in-house customers, as well as the business offices and the local community surrounding the area.”
According to the release, “The ownership group is committed to using local vendors, contractors and subcontractor whenever possible to advance local economic impact. Several economic impact studies were completed during the approval process, as the project will expand job growth and wages in the hospitality/services market and will create new tax revenue that did not previously exist.”
Jim DiBiase, principal of Olive Real Estate Group, said in the release, “The Downtown Colorado Springs Marriott hotel will create hundreds of direct and indirect construction jobs, as well as over 150 long term, stable permanent jobs with competitive benefit packages to local workers. We are also excited to bring over $65 million of new capital investment to Colorado Springs.”