No one bid against construction contractor Flintco for the stalled John Q. Hammons Renaissance Hotel at today’s Sheriff’s auction of the property.
Flintco won a foreclosure judgment against the hotelier Hammons in June for $29 million plus interest, minus payments made by Hammons. The company bought the hotel on far-north end of town at Interquest Parkway and I-25 for just over $22 million with a deficiency of almost $7 million.
Flintco registered a deficiency on the property as part of an agreement with Hammons, said Tom Maxwell, Flintco CEO.
“We were really not surprised at all that there weren’t other bidders here,” Maxwell said in the lobby of the El Paso County Sheriff’s Office where the auction took all of five minutes. “We didn’t expect there to be.”
Maxwell said that Flintco will market the property to other hotel companies and potential buyers through HFF, an international investment real estate company that specializes in hotels, Maxwell said.
He said several potential buyers have expressed interest in the 300-room hotel and he’s certain it will be finished.
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