LONGMONT —Baywood Hotels Inc., a national hotel developer based in Maryland, has closed on the purchase of 2 acres of vacant land at 1319 Grand Ave. in Longmont, where it has been planning since February to build a Home2Suites by Hilton.
Baywood purchased the land from Sherman Village LLLP for $1.2 million, equating to $13.77 per square foot.
Baywood plans to build a three-story, 108-room hotel, according to documents submitted to the city of Longmont’s planning department. The hotel will be east of South Sherman Street and north of Grand Avenue. It will be behind the Sherman Village Shopping Center that fronts Ken Pratt Boulevard.
Bob Kaplan and Brandon Kramer, senior investment specialists in Marcus & Millichap’s office in Denver, represented the seller. The buyer was represented by Neville Rustomjee, senior hospitality specialist, also in the firm’s office in Denver.
Kramer said the growth of Longmont and the story the municipality has to tell was a great driver for the demand on this land and the subsequent development.
“Through our national network of agents, we were able to identify multiple hotel developers with significant interest in the Longmont market. After several rounds of offers, we ultimately settled on this buyer, an experienced developer that was able to successfully navigate the city’s requirements to win approval for their project.”