Olive Real Estate, Hotel Equities break ground on dual-branded hotel in US
June 20, 2019 – Hotel Equities (HE) and an affiliate of Olive Real Estate Group have broken ground on the new dual-branded SpringHill Suites by Marriott and Element by Westin in Downtown Colorado Springs in the US.
Scheduled to open in 2021, the new dual-branded hotel development is located at 402 South Tejon Street. It is owned by an affiliate of Olive Real Estate Group.
Said to be the first-ever combination of these two brands from the Marriott portfolio, the dual-branded 295,000ft² hotel will have a combined 259 guestrooms and suites.
HE founder and chairman Fred Cerrone said: “The dual-branded model is intended to attract a more diverse range of guests, and meet the market’s increased demand for upper upscale, urban, select service and extended stay hotels with unique accommodations.
“The food and beverage concept with restaurant and roof top bar will be one-of-a-kind with an upgraded offering to cater to in-house customers, as well as the business offices and the local community surrounding the area.”
The SpringHill Suites and Element-Downtown Colorado Springs, an Urban Renewal Authority project, will comprise 216 underground public parking spaces, street level retail and a rooftop restaurant and bar which overlook Pikes Peak and the Front Range.
Additionally, the hotel will have 4,200ft² of meeting & event space to the market and will feature variety of room types, added amenities and services. It will also comprise common areas and event spaces.
Olive Real Estate Group principal Jim DiBiase said: “The Downtown Colorado Springs Marriott hotel will create hundreds of direct and indirect construction jobs, as well as over 150 long term, stable permanent jobs with competitive benefit packages to local workers.
“We are also excited to bring over $65 million of new capital investment to Colorado Springs.”
HE said that the combination of two distinct Marriott brands offer added amenities and ideal accommodations to travellers.