Avison Young completes land parcel acquisition for development of 122- room hotel in Centennial, CO
Avison Young Principals Rick Egitto and Howard Schmidt represented the buyer, KT
Development. The seller, Paragon Financial Partners, was represented by Bo Pitto, Chris Schultz
and James McGill of JLL.
WoodSpring Suites Hotel is an extended stay brand from Choice Hotels International, Inc., one
of the world’s largest hotel chains which owns 20-plus hotel brands ranging from upscale to
economy.
The site is within a larger development called Potomac Park & Industrial Complex, which is
situated on just over 154 acres and is well-located a short drive from Centennial Airport,
Denver Technology Center and Inverness Business Park. It is also proximate to Interstate 25, E-
470, Arapahoe Road, and Parker Road (Highway 83).
Over the past two years, Egitto has led the Avison Young land search team on behalf of KT
Development. KT Development is currently seeking an additional 15 hotel sites throughout the
state of Colorado.
Luke Taylor, Managing Member with KT Development stated, "The Avison Young team is
standing up to the task of identifying strategic locations for our Colorado hotel site selection
requirements. They take the time to physically visit potential locations as opposed to just
searching online. They are thorough and delve into examining traffic patterns, business drivers,
and available economic incentives, and examine water costs, mill levies, and potential zoning
issues, among other challenges. This takes real dedication to our mission to identify the
significant number of sites we are seeking within a two-year timeframe.”
Jeff Kochevar, Managing Member with KT Development added, “Our hotels, be they
WoodSpring Suites or EverHome, also function well as Attainable Housing in mountain
communities. With the right incentives, we can deliver a significant amount of rooms at a
favorable price compared to home ownership, which is especially useful for a seasonal
workforce or where affordable employee housing is a significant problem.”
Previously, Egitto and Schmidt represented Genesis in its acquisition of a WoodSpring Suites
Hotel site in Greeley, CO which should deliver in March of this year. Other new WoodSpring
Suites hotels are located in Thornton, Broomfield, Colorado Springs and Ft. Collins.
KT Development was developed as a partnership between the leaders of Entitlement and
Engineering Solutions, Inc. (EES) and the construction services of DSP Builders. This
combination provides the optimal turnkey solution for commercial real estate development,
with a current focus on the hospitality industry. Deep experience in real estate site sourcing,
development services, entitlements and design provide an end-to-end solution for our clients.
Our promise as a solution provider is to build community value into every project while
delivering professional expertise, exceptional customer service and quality construction.
www.kt-development.com
Avison Young creates real economic, social and environmental value as a global real
estate advisor, powered by people. As a private company, our clients collaborate with
an empowered partner who is invested in their success. Our integrated talent realizes
the full potential of real estate by using global intelligence platforms that provide
clients with insights and advantage. Together, we can create healthy, productive
workplaces for employees, cities that are centers for prosperity for their citizens, and
built spaces and places that create a net benefit to the economy, the environment
and the community.
Avison Young is a 2023 winner of the Canada's Best Managed Companies Platinum
Club designation, having retained its Best Managed designation for 12 consecutive
years.
www.avisonyoung.com
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