Hotel to be demolished as Kairoi spends $39M on Denver site
Kairoi Residential Acquires Prime LoHi Corner for $39 Million
Kairoi Residential recently made a significant investment by purchasing a prominent corner in LoHi for $39 million. The San Antonio, Texas-based apartment developer paid $231 a square foot for the 4-acre property that includes the Residence Inn by Marriott hotel at 2777 Zuni St., as indicated in public records.
The company’s plan for the site includes the construction of a 5-story, 429-unit apartment complex near the intersection of Speer Boulevard and Zuni Street. Estimated construction costs for the project are at $65.6 million, with documents submitted to Denver in July.
Kairoi’s interest in the site was first reported in May 2024 by BusinessDen, but the developer did not respond to requests for comment.
The Residence Inn by Marriott hotel, built in 1982, has now closed. American Demolition has been hired to demolish the structure, the company announced on Monday.
The property was sold by Highgate, a New York-based hotel investment and management company. Highgate took over ownership from publicly traded Chatham Lodging Trust four years ago. Despite attempts to reach out, the company did not provide any comments regarding the recent transaction.
Kairoi has previously completed six other projects in the local area, ranging from Westminster to RiNo. In a recent development, the company acquired a site in Lakewood in October, adjacent to a project that faced some opposition from the local community.
The LoHi neighborhood where Kairoi plans to build is experiencing a surge in apartment construction. Nearby projects include 2800 Speer Blvd., where Carmel Partners from San Francisco aims to construct 189 units across two 5-story buildings. Additionally, an Aspen-based firm recently purchased land for a 282-unit project at Speer and 29th.
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