Work is underway to bring a new 157-room hotel to the Golden Triangle neighborhood in Denver.
The Promanas Group is pushing for a seven-story hotel at the northeast corner of Elati Street and West 13th Avenue. The Ann Arbor, Michigan-based private equity firm hopes to start construction this month and have the hotel open late next year or early 2019, the president of the company said.
The Promanas Group is one of the partners behind the Eliot Hill townhomes in Jefferson Park and the Observatory Flats condominiums in University Park. The firm partners with local investors and developers on its projects in Denver. For the Elati hotel, Promanas is working with H and A Development LLC, a joint venture by Littleton-based Alliance Investments and Aurora-based H&H Hotels.
"We’ve been working on the project for a year and a half and closed on the land this last January," said John Bogdasarian, president at the Promanas Group. "We expect construction to be fully underway in the next two to three weeks."
The Promanas Group dropped $3.6 million in January for the 28,740-square-foot site. In November, the development team submitted a yet-to-be-approved plan for the hotel, according to city documents.
This summer the team demoed the former site of The Import Mechanics at 1350 Elati St. behind Bail Bonds Row to make way for the project. The hotel would go in across from the Triangle 22 on Elati townhome project by Kentwood Real Estate and near the seven-story, 322-unit apartment building Legacy at Speer at the southeast corner of Speer Boulevard and West 14th Avenue.
The Elati hotel is expected to be branded as an Element by Westin — a brand now owned by Marriott International Inc. after the hotel operator's merger with Starwood Hotels and Resorts last year. The young professional-focused, extended-stay hotel is expected to include a parking garage, bar and restaurant, rooftop amenity deck and ground floor patio, said Matt Maley, principal at Alliance Investments and partner of the project.
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Business & data reporter Adrian D. Garcia can be reached via email at [email protected] or twitter.com/adriandgarcia.
