Capital Property Group Sells Hotel Elegante for $25M

Independent brokerage Capital Property Group is proud to announce that Investment Advisor, Bryan Rodriguez, and Principal of Sales, Zach Hansen, recently closed the sale of the Hotel Elegante in Colorado Springs for $25 million. The hotel is among the largest in Colorado and was sold to Texas investors SHIR Capital.
Hotel Elegante has 496 rooms that SHIR will be converting into 500 apartments over the next two to three years. The apartments, which average 365 square feet, will provide affordable housing for entry-level workers and add a significant number of apartment units in Colorado Springs.
Rodriguez represented both the buyer and seller in the off-market real estate transaction.
“This transaction demonstrates that Colorado Springs is an attractive option for investment. In addition, it provides a case study for public and private entities to work together in providing creative housing solutions,” said Rodriquez. “I am honored to have served my clients as well as Colorado Springs in such a historical and game-changing moment.”
Capital Property Group (“CPG”) is a commercial brokerage based in Denver, Colorado, that services the Denver Metro, Colorado Springs, and Oklahoma City areas. Capital Property Group employs an experienced team of brokers in commercial and residential real estate. The team embraces a solution-driven mindset along with a customer-service orientation.
CPG’s leadership has a detailed knowledge of all the markets in which it operates and leverages that knowledge to position its clients well throughout the commercial transaction process. It is CPG’s mission to help its clients achieve their real estate goals and desired outcomes.