Longmont, Colorado, September 30, 2025
News Summary
Assurance Hospitality has successfully acquired three Marriott hotels in Longmont, Colorado, which includes the Courtyard Boulder Longmont, SpringHill Suites Boulder Longmont, and Residence Inn Boulder Longmont. This strategic acquisition, which also includes an event space named The Meeting Place, aligns with the company’s goal to enhance its offerings in the competitive hospitality sector. The acquisition was financed through two conventional loans totaling $10.2 million and a $6.2 million SBA-backed loan. The move signals an expansion of Assurance Hospitality’s footprint in the hospitality industry.
Longmont, Colorado – Assurance Hospitality and Affiliates have acquired three Marriott hotels in Longmont, Colorado, expanding their footprint in the hospitality sector. The hotels include the Courtyard Boulder Longmont (78 keys), SpringHill Suites Boulder Longmont (90 keys), and Residence Inn Boulder Longmont (84 keys). This acquisition also features The Meeting Place, a 1,860-square-foot event space designed for various gatherings.
The financing for this acquisition involved two conventional loans amounting to $10.2 million and an additional $6.2 million SBA-backed loan. The strategic purchase aligns with Assurance Hospitality’s goals of enhancing their offerings within the competitive hotel market.
In New York City, plans for a full-service casino in Manhattan were rejected by a local panel. The proposal, dubbed “Freedom Plaza,” was a six-acre project near the United Nations headquarters, to be operated by Mohegan. The committee voted 4-2 against the proposal. Currently, there are five remaining proposals vying for up to three gaming licenses, which include Bally’s casino on a Bronx public golf course, a Coney Island boardwalk gambling hall, and a Hard Rock casino next to Citi Field in Queens.
Meanwhile, Extended Stay America sold three hotels in the Philadelphia area for a total exceeding $18.7 million. The Niti Group bought the 101-key Extended Stay America Suites Philadelphia Exton for more than $6 million and plans to rebrand it under Choice’s Suburban Studios brand. Additionally, two other properties situated near Philadelphia International Airport were sold for $5.4 million and $7.3 million.
Badlands Hotel Capital, based in Arlington, Virginia, added nine properties to its asset management portfolio, focusing on East Coast resort markets. Moreover, StepStone Hospitality included two new properties in its management portfolio, namely Le Méridien Indianapolis in Indiana and the Hampton Inn & Suites by Hilton Clayton/St. Louis, Missouri.
The Waldorf Astoria in Manhattan has undergone an extensive renovation, with costs soaring to approximately $6 billion. Initially acquired by Chinese businessman Wu Xiaohui for nearly $2 billion, the property was closed for eight years and has recently reopened, now featuring 375 hotel rooms and 372 condominiums.
Canada’s hotel sector reported a record RevPAR exceeding CAD200 in August. Occupancy rates reached 80.7%, marking an increase of 1.5% year-over-year, while the Average Daily Rate (ADR) stood at CAD250.18, reflecting a year-over-year increase of 6.1%. The highest occupancy increase was noted in British Columbia at 87.2%.
In Japan, Japan Hotel REIT Investment Corp. announced a JPY22 billion refinancing package aimed at repaying loans due soon. This refinancing will not inflate the REIT’s total interest-bearing debt, which stands at JPY269.4 billion.
Indian Hotels Co. Ltd (IHCL) is collaborating to develop a new 310-key Taj hotel in Visakhapatnam, India. This development reflects the ongoing growth and investment in hospitality within the region.
Additionally, Renascent Hospitality acquired three hotels in Colorado: the Homewood Suites by Hilton Denver Tech Center in Englewood, the Hampton Inn Denver Northeast-Brighton in Brighton, and the DoubleTree by Hilton Greeley at Lincoln Park in Greeley. Plans for a $5 million renovation are underway for Homewood Suites.
Lastly, AJ Capital Partners is set to acquire the Hotel Boulderado in Colorado, which will be integrated into Hilton’s Graduate brand following renovations. This historic hotel, which first opened in 1908, will retain its original name throughout the renovation process, preserving its heritage.
FAQ
What hotels were acquired by Assurance Hospitality in Longmont, Colorado?
The hotels acquired include the Courtyard Boulder Longmont, SpringHill Suites Boulder Longmont, and Residence Inn Boulder Longmont.
What was the financing used for Assurance Hospitality’s acquisition?
The acquisition’s financing consisted of two conventional loans totaling $10.2 million and a $6.2 million SBA-backed loan.
What was the outcome of the full-service casino proposal in Manhattan?
The proposal for the casino near the United Nations headquarters, called “Freedom Plaza,” was rejected by a local panel with a 4-2 vote.
How much did Extended Stay America sell its hotels for in the Philadelphia area?
Extended Stay America sold three hotels in the Philadelphia area for over $18.7 million.
What renovations are planned for the Hotel Boulderado?
The Hotel Boulderado will undergo renovations after being acquired by AJ Capital Partners and will remain under its original name during the process.
| Transaction/Development | Location | Details |
|---|---|---|
| Acquisition by Assurance Hospitality | Longmont, Colorado | Three Marriott hotels and The Meeting Place |
| Casino Proposal | Manhattan, NYC | Rejected proposal for “Freedom Plaza” |
| Sale by Extended Stay America | Philadelphia Area | Three hotels sold for over $18.7 million |
| Renovation of Waldorf Astoria | Manhattan | Cost of approximately $6 billion |
| New Taj Hotel Development | Visakhapatnam, India | Partnership by IHCL for a 310-key hotel |
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Additional Resources
- Hotel Investment Today
- Wikipedia: Marriott International
- Hotel Business
- Google Search: Renascent Hospitality
- CBS News
- Google Scholar: Hotel Boulderado
- Hotel Dive
- Encyclopedia Britannica: Colorado
- 9 News
- Google News: hotel industry news
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