The hotel at 7010 Tower Road in Denver. (Google Maps)
A lender has initiated foreclosure proceedings on a hotel near Denver International Airport.
The 7010 N. Tower Road property is home to a three-story AmericInn by Wyndham and owned by Tower Hospitality LLC, which records show bought it in 2010 for $4.5 million.
In 2019, records show, the property owner took out a $4 million, 10-year loan from Axos Bank. This past April, the loan was transferred to a new entity affiliated with Serene Investment Management of California.
Serene submitted paperwork to begin the foreclosure process last week, saying Tower Hospitality still owes $3.55 million in principal on the original loan.
“While a foreclosure has been initiated, we are in active, cooperative talks with the Borrower and expect a settlement / forbearance will be executed soon,” Serene principal Adam Phillips said in an email.
A message for hotel ownership left with the front desk was not returned. Greenberg Traurig attorneys Mark Baker and John Wharton are representing Serene.
The AmericInn isn’t the only hotel near DIA to be distressed in recent years.
Foreclosure was initiated last year on a Ramada at 6210 Tower Road. The hotel sold earlier this year to a firm that had bought the property’s loan.
A Hampton Inn at 6290 Tower Road, meanwhile, sold for $15.2 million this month after being placed in receivership last year.
A hotel at 16161 E. 40th Ave. sold in May after sitting partially completed for years.
And a property at 6211 Argonne St., where an AC Hotel was planned, entered foreclosure last year. The lender there later withdrew the request for an auction.
The hotel at 7010 Tower Road in Denver. (Google Maps)
A lender has initiated foreclosure proceedings on a hotel near Denver International Airport.
The 7010 N. Tower Road property is home to a three-story AmericInn by Wyndham and owned by Tower Hospitality LLC, which records show bought it in 2010 for $4.5 million.
In 2019, records show, the property owner took out a $4 million, 10-year loan from Axos Bank. This past April, the loan was transferred to a new entity affiliated with Serene Investment Management of California.
Serene submitted paperwork to begin the foreclosure process last week, saying Tower Hospitality still owes $3.55 million in principal on the original loan.
“While a foreclosure has been initiated, we are in active, cooperative talks with the Borrower and expect a settlement / forbearance will be executed soon,” Serene principal Adam Phillips said in an email.
A message for hotel ownership left with the front desk was not returned. Greenberg Traurig attorneys Mark Baker and John Wharton are representing Serene.
The AmericInn isn’t the only hotel near DIA to be distressed in recent years.
Foreclosure was initiated last year on a Ramada at 6210 Tower Road. The hotel sold earlier this year to a firm that had bought the property’s loan.
A Hampton Inn at 6290 Tower Road, meanwhile, sold for $15.2 million this month after being placed in receivership last year.
A hotel at 16161 E. 40th Ave. sold in May after sitting partially completed for years.
And a property at 6211 Argonne St., where an AC Hotel was planned, entered foreclosure last year. The lender there later withdrew the request for an auction.
