Hotel Boom Coming To Broomfield
If you’re still skeptical about the impact of the ConocoPhillips coming to Louisville, you might want to consider the pending hotel boom coming to the adjacent Broomfield, CO area.
There are seven new hotels in various stages of planning for the Broomfield area. Some people are saying that the growth at the Interlocken business park, along with the ConocoPhillips global alternative energy research and training facility are directly responsible for this new growth in hotel and hospitality construction.
The Broomfield area currently has about 400 hotel rooms. This number is expected to double soon.
In the Arista development, adjacent to the Broomfield Event Center, there’s a 140-room boutique hotel called Arista which is the closest to completion of any of the projects. It should be finished by spring next year.
Broomfield expects that each hotel should being in around $150,000 per year in property tax revenue. The indirect benefit from the thousands of new employees brought in due to ConocoPhillips, and the ancillary green-oriented businesses along the Hwy 36 corridor, should provide a much anticipated, and welcome boost, to the local economy.
The region has already been weathering a subtle recession in terms of the real estate market for several years. While our area has held its own when compared to some other metro areas which are swirling the drain (in terms of real estate values), Boulder, Denver and the Hwy 36 corridor has continued to hold somewhat steady (by comparison to the tragic markets reported by national media), and I think the area is poised for some steady, if not strong, economic times.
Most of the projects planned for the area are focused on the extended-stay concept. This seems well suited to the concept that many transient staff coming to the ConocoPhillips are expected to flock to the area on a rotating basis due to the educational aspect of the new campus. This is supposed to be in addition to the 7000 employees we expect by full build out around 2012 or sooner.
Here’s the current list of anticipated hotels:
Hotel Indigo at 3 Flatiron Crossing, on the south edge of Flatiron Crossing Mall (153 rooms)
Hilton Garden at 505 Zang St., just across the road to the south of Indigo (135 rooms)
Staybridge Suites at 460 Flatiron Blvd. just east of the Indigo (132 rooms)
Hyatt Summerfield at 13450 Via Varra, north of Hwy 36 and just a bit east of the Northwest Parkway (123 rooms)
Cambria Suites at 12000 W Midway, south of the Hyatt Summerfield (129 rooms)
Nylo Hotel at 565 Interlocken (176 rooms)
Aloft at 8300 Arista Place (140 rooms)
While you may wonder how all these hotels could manage to come to completion and sustain a level of business needed to succeed during these times of economic uncertainty, consider the comments of Bob Benton of Robert S. Benton and Associates, a consulting firm that both consults with hospitality companies, and also compiles data on occupancy rates in the area for the Rocky Mountain Lodging Report. Benton said recently in a Daily Camera article: the U.S. 36 corridor is “ripe for new hotels” and “This is one of the healthier markets in the Denver-metro area”.
Whatever you may believe about the local economic situation, it’s clear that developers are optimistic enough about the near future to invest their time, energy and money in the area.
With area residential real estate prices at statistical all-time low prices, those with foresight, and access to funds, are turning to single-family homes as logical real estate investments.
If you think you’re ready to explore the opportunities for residential real estate investment, I’d be very happy to have the opportunity to get you more information about the area market, price trends, or other questions you may have. Please call or email me, and I’ll get you what you need as quickly as I can.
-Zachary Epps, full-time professional Realtor and EcoBroker.
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