The Hyatt House hotel at 12230 E. Colfax Ave. in Aurora. (Google Maps)
A lender has foreclosed on a hotel by the University of Colorado Anschutz medical campus and Fitzsimons Innovation Community in Aurora.
Varde Partners took ownership of the Hyatt House at 12230 E. Colfax Ave. when no one else bid at a Sept. 17 foreclosure auction.
The hotel was developed by Denver-based BMC Investments. It was the firm’s first development outside Cherry Creek, where BMC has developed a host of office, hotel and apartment buildings.
BMC broke ground on the project in August 2019, and it opened in the spring of 2021. Later that year, BMC refinanced with a $29 million loan from Varde Partners.
In March, Varde filed to foreclose on the loan, writing that BMC had needed to pay it off by December 2024. The lender said BMC still owed $27.9 million in principal.
BMC CEO Matt Joblon declined to comment. Varde Partners did not respond to a request for comment.
The Fitzsimons area has been something of a redevelopment hot spot within Aurora. The site was once Fitzsimons Army Medical Center, a U.S. Army facility that closed in 1996.
BMC is building a 210-unit income-restricted apartment complex just to the west of the hotel in partnership with Mile High Development.
The Hyatt House hotel at 12230 E. Colfax Ave. in Aurora. (Google Maps)
A lender has foreclosed on a hotel by the University of Colorado Anschutz medical campus and Fitzsimons Innovation Community in Aurora.
Varde Partners took ownership of the Hyatt House at 12230 E. Colfax Ave. when no one else bid at a Sept. 17 foreclosure auction.
The hotel was developed by Denver-based BMC Investments. It was the firm’s first development outside Cherry Creek, where BMC has developed a host of office, hotel and apartment buildings.
BMC broke ground on the project in August 2019, and it opened in the spring of 2021. Later that year, BMC refinanced with a $29 million loan from Varde Partners.
In March, Varde filed to foreclose on the loan, writing that BMC had needed to pay it off by December 2024. The lender said BMC still owed $27.9 million in principal.
BMC CEO Matt Joblon declined to comment. Varde Partners did not respond to a request for comment.
The Fitzsimons area has been something of a redevelopment hot spot within Aurora. The site was once Fitzsimons Army Medical Center, a U.S. Army facility that closed in 1996.
BMC is building a 210-unit income-restricted apartment complex just to the west of the hotel in partnership with Mile High Development.
