Best Western Executive Hotel Denver

Denver

1993

Walsh Investment acquired, renovated, and operated the 200 room the Best Western Executive Hotel Denver for five years before selling the business in 1998.

Following the success of the Clarion Hotel, and Executive Suite Hotel projects in Anchorage, Walsh Investment Company began its third successful hotel project in Denver, Colorado. The east Denver hotel was one of the several large hotels originally built to service Stapleton International Airport which was Denver’s primary airport until it closed in 1995 when the new Denver International Airport opened. The 60’s era  hotel was on a 7.1 acre site with 200 large guest rooms in a five-building complex surrounding a central courtyard.  The property also had a 140 seat restaurant, lounge, pool, fitness center, meeting rooms, and full banquet facilities.

We invested several million dollars to renovate and update the property.

Investment Thesis

When the Stapleton International Airport closed in 1995 this hotel became the closest existing hotel to the new Denver International Airport. We knew it would take several years for enough new hotel rooms to be built close to the new airport to meet the demand. At the same time, the site was next door to the largest urban infill redevelopment project in the country at Stapleton, and the a 578 acre Fitzsimons Medical Center, which was the largest medical complex development project in the country being built by the University of Colorado, the Veteran's Administration, Colorado Children's Hospital, and others.

Lessons Learned

We provided seller financing when we sold the property in 1998. After the terrorist attacks on 9/11 the hotel industry disappeared and the new owner defaulted on their loan. We were forced to take ownership of the property back from the owner at a bad time to be in the hotel business.