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Omni Interlocken sues assessor over $42.9M valuation

BROOMFIELD — Owners of the Omni Interlocken Hotel in Broomfield have taken a dispute over the hotel’s valuation to court.

Omni Interlocken Co. LLC filed suit Friday in Broomfield District Court against the Board of Equalization of Broomfield County, as well as Assessor Jay Yamashita, asking the court to determine the value of the hotel at 500 Interlocken Blvd.

The Broomfield County Assessor’s office had issued a notice of valuation for the property in early May of $42.9 million, according to the lawsuit.

“This value is in excess of the actual value of the hotel as properly determined in the manner provided by law and sound appraisal methodology,” the lawsuit states.

Omni Interlocken first appealed the assessment to the assessor, who declined to modify the valuation. Omni then appealed the valuation to the Board of Equalization, estimating the property’s value at almost $23.2 million.

The Board of Equalization in early August denied Omni’s appeal and sustained the assessor’s $42.9 million valuation.

“Therefore, a dispute exists regarding the assessor’s valuation of the hotel. Petitioner believes that the assessor overvalued the property in light of the hotel’s income and comparable sales and failed to remove intangible assets related to the business enterprise operating within the real property,” Omni alleges in the lawsuit.

Omni requests that the court hold a trial de novo — or a new trial — to determine the actual value of the hotel and “direct the respondent to correct their records to reflect the actual value as determined by the court and grant such other relief as may be allowed by law.”

The Omni Interlocken includes 390 rooms, a 27-hole golf course and 15 meeting rooms with 40,000 square feet of meeting space, according to the hotel’s website.

Omni Interlocken is represented by Justin Cohen, David Meschke and Bridget DuPey with Brownstein Hyatt Farber Schreck LLP of Denver. Cohen and Yamashita could not be reached for comment prior to publication time.

The case is Omni Interlocken Co. LLC v. Board of Equalization of Broomfield County and Jay Yamashita, Case No. 2023CV30189, Broomfield District Court.

Source: BizWest