*** PRESS RELEASE ***
FOR IMMEDIATE RELEASE
FRIDAY, JANUARY 20, 2012
HREC Arranges Sale of RidgeGate Hotel Development Site
(Denver, Colorado) - Friday, January 20th, 2012: Mike Cahill of HREC is pleased to announce the sale of a 2.3 acre hotel development site in Lone Tree (southeast Denver metro), Colorado. HREC exclusively represented the seller, the owners of the RidgeGate mixed-use development, in the transaction.
The buyer, Corporex Colorado LLC, plans to develop the site with a 106-room Hampton Inn hotel. The site is at RidgeGate's first TOD (transit oriented development) hub, the location of the Sky Ridge Light Rail Station on the Southeast Denver Light Rail Line.
"This site is one of the best hotel development locations in the Southeast Denver hotel sub-market," noted Mike Cahill. "Strategically situated in the southwest quadrant of the intersection of I-25 and Lincoln Road, the new Hampton Inn's outstanding location will enable the developer to maximize economic benefits from a rebounding Denver lodging."
About HREC: HREC is the nation's leading lodging and gaming real estate advisory firm specializing in property sales, mortgage brokerage, equity/JV structuring, consulting (market studies and appraisals), and litigation support. With offices throughout North America, HREC is distinguished by unwavering commitment to client service through its team approach, intellectual capital and hotel/casino specialization.
For additional information on the sale of the RidgeGate Hotel Development Site, please contact:
Director of Marketing
Visit HREC's website at www.hrec.com