Iconic 117-unit Mining Exchange Hotel Sale Announced
Last week Park-Equities announced the sale of the iconic 117-unit Mining Exchange Hotel. Taylor Grant with the firm represented sellers, nationally known attorney Perry Sanders and John Goede, and procured family-run buyer, Kemmons Wilson.
Kemmons Wilson invests largely in hotels with 40 properties in its portfolio. The company is named for Wilson’s grandfather who, frustrated by the poor quality of hotels during a family trip, founded Holiday Inn in 1952.
The Mining Exchange was opened in 1901 as a stock exchange for mining corporations, later becoming an office building before Sanders gutted it to the brick and granite and transformed it into a boutique hotel.
“We managed to preserve one of the coolest historic buildings that’s ever been built in this city,” Sanders said. “When so many buildings have been torn down, we really took this back to its core, and preserved everything in it that could be preserved.”
The property boasts a brass staircase, massive safes left over from the mining exchange, twelve-foot ceilings, solid-core privacy doors, separate sleeping areas, granite-topped desks, double-headed bathroom showers, recording studio-quality walls to prevent noise between rooms, 10,000 square feet of event space, a lobby bar, spa, and private courtyard to name a few features.
Taylor Grant introduced Kemmons Wilson to the potential deal who had some familiarity with the property from visiting years prior. Sanders and partner Goede initially had no intention to sell. Conversations become more serious when Grant procured a solid offer which Sanders also saw came from a group that may be a great fit to carry the legacy forward. A key item in the deal was Grants ability to negotiate sellers keeping the penthouse office within the hotel. “Perry transformed The Mining Exchange into an iconic, irreplaceable asset. Although I am not at liberty to disclose price, I can confidently say this is the highest per-room hotel sale recorded in the history of Colorado Springs.” Grant said.
The transaction was done in conjunction with Colorado broker JDS Real Estate Services, Inc.
Park-Equities is a full-service real estate investment advisory firm with focus on the hospitality and multi-family markets. The firm is a subsidiary of Park Brokerage Inc. which has over 20 years of commercial brokerage experience. Together they have completed transactions in volume of over 1B.