May 17, 2021
Announcing the Sale of The Wingate Hotel Inn in Pueblo, CO
Denver, CO – May 17, 2021 – Alex Kovacs, CCIM , Commercial Broker & Advisor at Madison Commercial Properties, is pleased to announce the sale of the Wingate by Wyndham Hotel, a midscale franchise hotel located at 4711 N. Elizabeth Street in Pueblo The hotel was constructed in 1997, and has 84 units. The property has been well maintained, and requires only minor renovation expenses. Alex Kovacs represented the seller in the transaction.
The buyer is a local hotelier, who transitioned in to this property via a 1031 exchange of proceeds of a hotel sale in Manitou Springs. The sales price was $8.1 million. The buyer was attracted to the property due its consistent cash flow, even during the difficult 2020 COVID impacted year. The hotel revenue declined only marginally, in part due to the excellent interstate location, and leisure/corporate business mix. The property sold on an 8.5% cap rate, based on 2020 income. SBA financing was provided by Pacific City Bank, based in California.
For more information on this property, please contact Alex Kovacs.