|By Rich Laden, The Gazette, Colorado
Springs, Colo.McClatchy-Tribune Regional News
June 05, 2012--Don't expect work to resume anytime soon on the stalled Renaissance Hotel on Colorado Springs' far north side.
Nearly eight months after Renaissance general contractor Flintco Inc. of Tulsa, Okla., bought the property at a foreclosure auction, the company is still trying to sell the hotel -- but no deals are in sight, Flintco President and CEO Tom Maxwell said in an interview this week with The Gazette.
"It has not moved as quickly as I had hoped it would move," Maxwell said.
Flintco has received two to three offers for the hotel, and interest has been shown by local buyers, Maxwell said. One potential buyer toured the hotel just last week, but still must consult with its underwriters to determine what it thinks the hotel is worth, he said.
Of offers received, Maxwell said the price wasn't acceptable. He added that a sale hasn't gone through for other reasons, too, although he declined to be specific, other than to say the still weak economy has no doubt slowed the sale.
Still, Maxwell said he expects the hotel will be sold by year's end.
"We're anxious to get it sold and get it built, get it completed and see it operating as people would like," Maxwell said.
The 11-story, 300-room Renaissance was being developed by Missouri hotelier John Q. Hammons at the InterQuest Marketplace retail center, east of Interstate 25 and InterQuest Parkway. Construction was completed on much of the hotel, which rose up next to I-25, east of the Air Force Academy and is visible to motorists, homeowners and area business people. However, work on the hotel stopped in October 2009.
In early 2010, Hammons said he had spent $47 million of his own money on the project and was close to securing additional financing. But the elderly Hammons moved to a Springfield, Mo., nursing home later in 2010, his company underwent a management shake-up and Hammons officials later blamed the poor economy for their inability to finish the hotel project.
Flintco, the hotel's general contractor that had worked with Hammons on several other projects, filed a legal claim against the property. An El Paso County Sheriff's foreclosure auction took place in October, and Flintco's $28.8 million bid was the lone offer received.
The hotel continues to be marketed by Holliday Fenoglio Fowler, a Houston-based commercial real estate firm. In addition to its 300 rooms, the hotel's planned amenities include 46,495 square feet of meeting space, a 191-seat, full-service restaurant, a 100-seat atrium lounge and bar with outdoor seating, a coffee bar, spa, fitness room and heated indoor pool.
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