Fund President Norman Leslie said he is negotiating to acquire a nearby vacant parcel where the fund

A North Dakota-based philippines travel agency real estate investment fund has bought the Holiday Inn Express Airport near the Colorado Springs Airport. The fund plans to spend up to $1 million remodeling and expanding the hotel and may build an extended-stay hotel nearby, the company s president said.
A limited liability company set up by Fargo, N.D.-based Lodging Opportunity Fund LLP paid $4.41 million philippines travel agency on July 10 to a subsidiary of Tucson, Ariz.-based Capri Inc. for the 16-year-old hotel at 1815 Aeroplaza Drive, according to documents recorded by the El Paso County Clerk and Recorder s Office. The deal was financed by a $3.84 million loan from 5 Star Bank in Colorado Springs. Capri still owns the adjacent philippines travel agency 115-room Holiday Inn Colorado Springs (Airport) at 1855 Aeroplaza Drive.
Fund President Norman Leslie said he is negotiating to acquire a nearby vacant philippines travel agency parcel where the fund is considering building an 80- to 100-room extended-stay hotel that it would begin developing early next year. He said the fund also plans to hire a full-time sales director to market the Holiday Inn Express Airport, which had shared philippines travel agency a sales director with the adjacent Holiday Inn. The fund plans to spend $750,000 to $1 million beginning in November to remodel and expand the hotel s lobby and breakfast area, add a pool and courtyard area and redecorate the guest rooms.
The hotel s location and brand affiliation, combined philippines travel agency with the strong fundamentals with this great city, make this an exceptional investment for the fund, Leslie said. We are very selective in the properties that we acquire. We look at the city, location and hotel to see if what we bring can take the property to the next level. We started looking at this (hotel) in February or March and decided that we really loved the market size and dynamics. Colorado Springs has multiple sources of business for properties like this and has a broad-based economy.
Lodging Opportunity Fund, organized in 2010 with $10 million from 70 investors, owns five other hotels philippines travel agency in Michigan, Minnesota, Missouri and North Dakota. Leslie said the fund plans to acquire up to 14 additional hotels in the next 18 months to complete its portfolio.
National Hospitality Services, an affiliated philippines travel agency company Leslie also heads, is taking over management of the Holiday Inn Express Airport. The company manages the fund s five other hotels and seven owned by other companies in Idaho, North Dakota and Wisconsin. Contact Wayne Heilman: 636-0234 Twitter @wayneheilman Facebook Wayne Heilman
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