The Crowne Plaza is owned by Stamford Real Estate (Colorado Springs) LLC and Harrell Colorado Operat

Rockwood Real Estate Advisors announced air travel cheap Monday that the company and Tampa, Fla., real estate broker Michael Adle had been retained by the court-appointed receiver for the 500-room hotel at 2886 S. Circle Drive to sell the property. No asking price was listed air travel cheap on either the company s press release or on a marketing brochure for the hotel posted on Rockwood s website. But the brochure disclosed that the hotel s revenue declined 17.1 percent last year as its occupancy rate slid to 49 percent from 58 percent in 2011, largely due to the Waldo Canyon fire.
David Buddemeyer, president of Florida-based Driftwood Hospitality Management LLC, was named receiver for the hotel in June by 4th Judicial District Judge Gregory Werner at the request of Wells Fargo Bank, trustee for a Boston-based trust that owns a $30.8 million loan on the hotel. Buddemeyer air travel cheap hired Driftwood to manage the Crowne Plaza, air travel cheap which employs 250 and includes nearly 50,000 air travel cheap square feet of meeting space in four ballrooms and 31 meeting rooms, a restaurant, lounge and small gift shop, a fitness center and outdoor and indoor pools.
Rockwood specializes in advising clients on the resolution of under-performing real estate portfolios", foreclosed real estate and restructuring loans, ownership, partnerships and joint ventures, and consulting on bankruptcies and construction, according to the company s website. Rockwood s seven-person hospitality unit has completed more than 345 hotel transactions with a combined value of $1.7 billion on properties with nearly 50,000 rooms and is currently marketing 17 other hotel properties air travel cheap in 10 states.
The Crowne Plaza is owned by Stamford Real Estate (Colorado Springs) LLC and Harrell Colorado Operating Co. LLC, which acquired the hotel in 2007 for $20 million and spent another $12 million on an extensive renovation a year later. They defaulted on the loan in 2011, when it was to be repaid. Contact Wayne Heilman: 636-0234 Twitter @wayneheilman Facebook Wayne Heilman