Pallaoras buy Holiday Inn Express hotel in Greeley
GREELEY — Alan and Sara Pallaora have acquired a Holiday Inn Express hotel in Greeley.
The three-story, 64-room Holiday Inn Express Greeley at 2563 West 29th St., was purchased for more than $5 million, according to Hunter Hotel Advisors in Los Angeles, which represented the buyer and the seller in the sale.
The Pallaoras used a 1031 exchange for the purchase after selling a Comfort Inn at 911 N Main St., in Gunnison.
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A 1031 exchange allows an investor to sell a property and reinvest the proceeds in a new property, deferring all capital-gain taxes.
The new owners are working on a full renovation of the property.
The seller was TMI Hospitality of Fargo, N.D. In June, TMI Hospitality, a hotel developer and management company, was acquired by an affiliate of Aimbridge Hospitality.
Tharaldson Enterprises built the Holiday Inn Express Greeley in 1996 for an estimated cost of $2.3 million. His company owns or operates more than 200 hotels nationwide.
