Two Fort Collins hotels could be converted into multifamily housing

FORT COLLINS — Two hotels near the southeast corner of East Harmony Road and Lemay Avenue could be converted into multifamily housing. A proposal will undergo preliminary design review with city planning staff Wednesday. 

The project would turn the Residence Inn at 1127 Oakridge Drive, built in 1999, and the Courtyard Inn at 1200 Oakridge Drive, built in 1996, into apartments. The 113-room Residence Inn would have 121 units mixed between studios, one-bedrooms and two-bedrooms. The 112-room Courtyard Inn would become 118 units, all studios. 

According to Fort Collins planning documents, the developer for the project is Austin-based Firmus Equity Partners, which has a purchase agreement on the two hotels. The hotels’ current owner is Denver-based hotel investment company Rockies Lodging Capital. It purchased them for a combined $30.4 million in 2017, according to Larimer County property records. 

Firmus Equity Partners and Rockies Lodging Capital could not be reached for comment.

If this project goes forward, it will continue a trend of Front Range hotels being converted into multifamily housing. In Boulder, the Best Western Plus Boulder Inn at 28th Street and Baseline Road and the Millennium Harvest House near 28th Street and Arapahoe Avenue have been proposed for conversion into student housing. 

Longmont’s Best Western Plus Plaza Hotel is also being converted into apartments. The 210-room hotel was purchased in April for $15.4 million, with the new owner, a subsidiary of California-based Vivo Living, planning to convert the property into apartments.

© 2021 BizWest Media LLC

FORT COLLINS — Two hotels near the southeast corner of East Harmony Road and Lemay Avenue could be converted into multifamily housing. A proposal will undergo preliminary design review with city planning staff Wednesday. 

The project would turn the Residence Inn at 1127 Oakridge Drive, built in 1999, and the Courtyard Inn at 1200 Oakridge Drive, built in 1996, into apartments. The 113-room Residence Inn would have 121 units mixed between studios, one-bedrooms and two-bedrooms. The 112-room Courtyard Inn would become 118 units, all studios. 

According to Fort Collins planning documents, the developer for the project is Austin-based Firmus Equity Partners, which has a purchase agreement on the two hotels. The hotels’ current owner is Denver-based hotel investment company Rockies Lodging Capital. It purchased them for a combined $30.4 million in 2017, according to Larimer County property records. 

Firmus Equity Partners and Rockies Lodging Capital could not be reached for comment.

If this project goes forward, it will continue a trend of Front Range hotels being converted into multifamily housing. In Boulder, the Best Western Plus Boulder Inn at 28th Street and Baseline Road and the Millennium Harvest House near 28th Street and Arapahoe Avenue have been proposed for conversion into student housing. 

Longmont’s Best Western Plus Plaza Hotel is also being converted into apartments. The 210-room hotel was purchased in April for $15.4 million, with the new owner, a subsidiary of California-based Vivo Living, planning to convert the property into apartments.

© 2021 BizWest Media LLC