Fort Collins Courtyard by Marriott faces foreclosure
FORT COLLINS — The Courtyard by Marriott at 1200 Oakridge Drive is facing foreclosure, according to documents filed with the Larimer County Public Trustee.
The hotel is owned by RLC-IV CYFC LLC, which is registered to the same address as Denver-based hospitality real estate company Rockies Lodging Capital. According to the foreclosure documents, it has fallen behind on an $8.9 million note with $8.2 million outstanding. The original lender was Colorado Business Bank; the note is currently held by BOKF.
Rockies Lodging Capital and lawyers for BOKF NA, successor in interest to Colorado Business Bank, have not responded to requests for comment.
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According to Larimer County property records, Rockies Lodging Capital purchased the 112-room hotel for $12.9 million in 2017.
This is not the first time this Courtyard by Marriott has entered foreclosure. It was previously foreclosed in 2009 when it was owned by Los-Angeles-based Integrated Capital LLC.
Rockies Lodging Capital has until March 23, 2022, to cure.
A proposal to redevelop this hotel and the adjacent Residence Inn at 1127 Oakridge Drive into multifamily housing is also in review with Fort Collins planning staff. The plan would convert the Courtyard into 118 studio apartments and the 113-room Residence Inn into 121 studios, one-bedrooms and two-bedrooms. The Residence Inn is also owned by Rockies Lodging Capital.
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