Spirit Hospitality sells first hotel in chain for $5.7M
LOVELAND — Fort Collins-based Spirit Hospitality LLC has sold the Comfort Inn Loveland for $5.7 million, according to public records.
The three-story, 62-room hotel at 1500 N. Cheyenne Ave. was acquired by Billy Hoon Chung, Bae Young Chung and Woon Sin Chung, operating as CF Hospitality Inc., from Willco Development LLLP, an entity used by Spirit Hospitality founders Bill Albrecht and Bob Uehran to build the hotel.
Billy Hoon Chung said the group sold two independent hotels in Denver and Colorado Springs to raise capital to buy the Comfort Inn.
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“We wanted to forge into a franchise model,” he said. “We chose this hotel to buy mostly due to the way they (Spirit) run their hotels. So many owners bleed their properties, but Spirit keeps their hotels in great shape. … We hope to have a continuing relationship with Spirit in the future.”
The Comfort Inn Loveland was built in 1998, Spirit Hospitality’s first hotel. In all, Spirit has built or is building a total of 11 hotels in Northern Colorado.
Spirit’s second hotel, another Comfort Inn, in Fort Collins, was sold in February 2007.
In July 2004, Spirit built its third hotel, a Super 8 in Wheatland, Wyo. The company developed two hotels in 2007 — a Hampton Inn & Suites in Greeley and a Holiday Inn Express & Suites in Loveland.
The following year, Spirit Hospitality ventured into extended-stay hotels, and it developed a Candlewood Suites in Loveland in 2008.
The company’s two most recent hotels are a Candlewood Suites built in 2013 in Greeley and another one in Fort Collins in 2014.
Renee von Weiland, Spirit’s vice president of operations, said the company has two more hotels under construction and expects to break ground on another this year. Spirit expects to open a Candlewood Suites in Thornton in May and a Comfort Suites at the 2534 mixed-use development in Johnstown in 2017. It will break ground on a Hilton Gardens in Thornton during the fourth quarter.
