ACORE Lends $63M on Colorado Mountain Resort
ACORE Capital has provided a $63 million loan to Dr. Kiran Patel for the acquisition and renovation of Cheyenne Mountain Resort in Colorado Springs, Colo., Commercial Observer can first report.
Patel, a Tampa, Fla.-based investor with expertise in hotel acquisitions, purchased the property last week for $74 million from an entity controlled by Massachusetts Mutual Life Insurance Co., according to Colorado Springs Gazette.
The acquisition and renovation financing was arranged by KDG Capital. It includes a first mortgage and mezzanine loan and has a five-year term.
Cheyenne Mountain Resort, currently being rebranded as a Dolce Hotel and Resorts property, is located at 3225 Broadmoor Valley Road. Designed for active travelers, the 316-room resort provides access to all-season hiking, a tennis court and golf course. It also includes 40,000 square feet of meeting and event space.
ACORE has been an active lender of late. Last month it provided $121 million in financing to Chicago-based developer Sterling Bay to purchase and revamp a vacant office building in the Windy City’s West Loop area. Like the Cheyenne Mountain Resort deal, the financing included both a senior and mezz. loan.
Patel could not immediately be reached for comment.