March 14, 2023
Announcing the Sale of Atwell Suites, Located at 18350 E 65th Ave in Denver, Colorado
Denver, CO – March 20, 2023 – Madison Commercial Properties, LLC is pleased to announce the sale of the Atwell Suites Denver Airport, located between 64th and 65th Avenue, just west of Tower Road in Denver. The all suites contemporary concept hotel was constructed in 2022, and has 96 units. The property sold on March 14, 2023 for $18,800,000, which equates to $195,833 per unit. Madison Commercial Properties, LLC previously sold the +/- 2-acre development site to the Seller in January 2021.
Atwell Suites is a new concept affiliated with the IHG franchise (Holiday Inn). This location is the first ground up prototype developed in the nation. The all suites model features a plethora of common area upgrades conducive to socialization and co-working collaboration among customers. Other amenities include a large exercise facility, free hot breakfast items, free Wi-Fi, and a limited bar, with ready -to-drink cocktails, beer and wine service, as well as small plate food items.
Alex Kovacs, CCIM, Commercial Broker & Advisor with Madison Commercial Properties, represented the Seller, KJ Hotel Properties, LLC, a Missouri based development company in the transaction. The Buyer, JC Hospitality LLC, a California investment group was self-represented.
“The buyer was excited to add this trophy property to their portfolio with a vision to increase value from being located at DIA, the third busiest commercial airport in the nation. The Atwell Suites is also located directly west of the main entrance to the Gaylord convention facilities, and will benefit greatly from overflow business from the massive complex,” stated Alex Kovacs, CCIM, Commercial Broker & Advisor with Madison Commercial Properties.