Jonathan Gandhi sees a former bank branch on Colfax as a long-term investment.
The 40-year-old local hotelier and spa owner proposed building a 7-story, 168-room hotel at 606 W. Colfax Ave. on the edge of the Golden Triangle earlier this month, and went under contract to buy the property around the same time.
“It could potentially work for a hotel in some distant future when the hotel market recovers,” Gandhi said.
The site, listed for sale at $1.1 million, was last home to a Bank of Denver location, which closed in August 2022. The existing building would be demolished as part of a new hotel development.
No parking is included in the proposal. The 0.3-acre site is too small for it, Gandhi said.
“Itap a very, very preliminary concept plan to see if we can do something on the site,” he said. “We’re going to just work through city planning and get their feedback. Itap a challenging site, very narrow.”
The property, situated on the corner of Fox Street and West Colfax Avenue, is next door to The Finch, a newly constructed 370-unit apartment building. The site is currently owned by Nicolet National Bank. The bank took over ownership after acquiring MidWestOne Bank earlier this year. MidWestOne had taken control of the property after it bought Bank of Denver in 2024.
Gandhi built the Marriott-branded Aloft hotel at 800 15th St., one block from the Colorado Convention Center, in 2014. He is also the owner of RÖK SPAS, a sauna and bathhouse near Union Station.
“We’ve been in Denver for over a decade as a hotel operator downtown,” Gandhi said. “We love Denver. We want to continue to see it thrive and do well. Itap got a little bit of ways to recover still from Covid, at least on the urban core. We’re hopeful.”
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