Rodeway Inn Loveland sells for $2.9M

LOVELAND — The Rodeway Inn at 1639 E. Eisenhower Blvd. in Loveland recently changed hands for just under $2.9 million. According to Larimer County property records, the buyer of the 48-room hotel was 8th Ave. Lodging LLC, an entity registered to a Niwot address. The seller was SAL LLC out of Denver.  Neville Rustomjee, first vice president investments and director at Marcus & Millichap Inc.’s (NYSE: MMI) National Hospitality Group, represented the seller, according to a company news release. “Cap rates are typically higher for hotels than for apartment transactions. This means that hotels, although more management intensive, can provide a high rate of return on capital,” Rustomjee said in a prepared statement. “We were able to procure a 1031 exchange buyer who paid all cash, and did a quick 30-day close with the only contingency being obtaining the brand from the hotel franchise company. Marcus & Millichap’s national presence and focus on commercial real estate of all product types creates a large pool of 1031 exchange buyers who are motivated and some, even open to all-cash transactions, which eliminates the need for a loan and appraisal, both of which are difficult for hotel transactions in this post-COVID environment. It also creates an opportunity for cross product type sales, and in this case an apartment owner bought a hotel.”  
Source: BizWest