COLORADO SPRINGS, COLO. — Parkview Financial has provided a $42.5 million loan to Austin, Texas-based Shir Capital for the purchase, redevelopment and repositioning of Hotel Elegante, a hotel at 2886 S. Circle Drive in Colorado Springs.
Built in 1974 on 17 acres, Hotel Elegante features 496 guest rooms, a conference center, restaurant, pool and lounge. With the sale complete, Shir Capital has a planned phased renovation for the common areas, as well as the conversion of the rooms to studio apartments over the next 24 months.
Working within the current room layouts, Shir Capital will add kitchenettes and closets, and perform upgrades to modernize the rooms. The units are approximately 350 square feet and all utilities will be included in the rent.
Additionally, the 29,600-square-foot conference center will be converted into self-storage, which a third-party operator will manage.
Malcomb Davies and Zack Streit of The Davies Group at Los Angeles-based George Smith Partners arranged the financing on behalf of the borrower.