The developer behind a proposed downtown hotel said he has secured funding and plans to move forward with the project.
Ranko Mocevic on Tuesday said a Belgian bank has agreed to finance the $42.5 million Hotel Gold Crown, though he declined to disclose the name of the bank. One industry expert warned, however, that closing the deal could still be difficult.
The 14-story Hotel Gold Crown, designed by Oz Architecture, is planned for the corner of 15th and Champa streets. It will include 242 rooms, meeting space, a restaurant and a gift shop. Initially, the project included three more floors of residential space.
“Because of the existing environment and my neighbor Spire, it would be crazy to do that,” said Mocevic, who has several other hotels under construction throughout the metro area.
The Spire is a 41-story condominium project under construction at 14th and Champa streets.
Mocevic said he plans to move forward as quickly as he can after the financing closes. He will get the project permitted in phases, starting with demolition of the old Burger King currently on the site. He expects the project to be completed within 18 months.
Mocevic also plans to remodel the exterior of the nearby building that houses Tarantula Billiards and Leela’s to complement the hotel’s facade.
While the downtown market has seen weakening occupancies, by the time a new hotel is built, it should be stronger, hotel analyst Bob Benton said. Still, he’s skeptical that the project will get started as quickly as Mocevic anticipates.
“A lot of the projects that have been proposed have either been delayed or canceled,” he said. “I always take these things with a grain of salt.”
Margaret Jackson: 303-954-1473 or mjackson@denverpost.com
