The Holiday Inn at 3333 North Quebec Street in Park Hill has officially traded hands for $9 million, landing with Dallas-based HotelShift and partner Voyage Capital, according to buyers’ materials. The 11-story, 310-room building, built in 1973, is slated to be carved into roughly 220 to 240 apartments while keeping many of the hotel-style perks that regulars know well. For now, the hotel is expected to stay open for at least a few more months while the new owners finalize the deal and work through permitting. The developers say the whole play is about adding workforce-friendly rentals that do not command the sky-high prices of shiny new luxury projects.
As reported by The Denver Post, HotelShift and Voyage Capital have closed on the acquisition and laid out their conversion plans for city reviewers. HotelShift’s investor materials also peg the Holiday Inn at 3333 Quebec as a $9,000,000 purchase and outline pro forma expectations and a proposed mix of units in a presentation to backers.
What the conversion will include
The plan is to transform the hotel’s 310 keys into roughly 220 to 240 studio and one-bedroom apartments, with studios projected to start around $1,100 a month and one-bedrooms coming in higher. Units are expected to feature balconies and full kitchens, including a full-size refrigerator, range and dishwasher. The team also intends to keep the pool, gym, handball courts and steam/sauna rooms in play for residents. The existing restaurant footprint is being held for a new tenant, and the developers even want to throw a golf simulator into the amenity mix, according to BusinessDen.
City process and timeline
City filings show the proposal has already cleared concept review and is moving into the Site Development Plan phase after plans were submitted in late December. Developing Denver notes a mid-January revision that nudged the unit count from 220 to 240 and confirms that the work will focus on interior reconfiguration rather than exterior changes. The adjacent office building that connects to the hotel is not part of the deal, and the hotel is set to keep operating while leasing, design and approvals move ahead.
Why developers say it makes sense
HotelShift founder Alex Cartwright has framed the Park Hill project as a classic value-add move: pick up older hotels at a relative discount, then rework them into rental housing that can underprice the city’s newest top-tier complexes. “People are going to get a-plus-style amenities, … but they’re not going to pay anything close to a-plus-type apartments,” Cartwright told BusinessDen. The company says the Denver conversion fits into a broader push to create roughly 1,000 units through similar hotel-to-apartment projects across several states in the near future.
What to watch next
When construction actually starts will hinge on near-term hotel demand along with permits and financing. The developers say hammers will not swing until those pieces line up. As reported by The Denver Post, work is expected to begin later this year if approvals and market conditions cooperate. In the meantime, keep an eye on building-permit filings and any word on a new ground-floor restaurant tenant as the project moves deeper into site development.
