COLORADO SPRINGS, Colo.
One of the oldest and largest hotels in Colorado Springs, the Crowne Plaza Colorado Springcs, could end up in new management hands as the result of financial and legal battles.
The hotel’s owners, Stamford Real Estate LLC and Harrell Colorado Operating Co. LLC, defaulted in July after failing to repay a $30.8 million loan used to buy and remodel the property. The 500-room hotel remains open but the default prompted Wells Fargo, the bank, to ask a judge to put the property in receivership. Wells Fargo wanted to name David Buddemeyer, president of Driftwood Hospitality Management LLC, as receiver for the 38-year-old hotel.
Driftwood manages 32 hotels in 13 states, the Bahamas and Costa Rica, and specializes in acquisition, development, management and receivership of hotels.
Stamford and Harrell bought the Colorado Springs hotel, with 43,000 square feet of meeting space, in 2007, converted it from the Sheraton to the Crowne Plaza brand and spent $12 million remodeling the property.
