Renaissance Hotel under contract

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renaissance3The Colorado Springs Renaissance Hotel and Conference Center is now under contract.

“It’s still at a place where it’s a bit early,” said Tom Maxwell, the chief financial officer of Flintco, the current owner. “If we disclose anything, it would be through [the buyers]. They’re not ready to disclose anything.”

Standing vacant like a lonesome skeleton off Interstate 25 in northern Colorado Springs, the 11-story, luxury resort hotel is half-finished after construction stopped in 2009.

The owner at that time, Missouri billionaire John Q. Hammons, had fronted $47 million of his own money to build the hotel before he ran out of funding in the fall of 2009.

Construction never resumed, and Hammons fell ill and moved to a nursing home in 2011. He died on May 26, 2013, at age 94.

Flintco, an Oklahoma-based construction contractor who was working on the hotel and had a years-long relationship with Hammons, bought the property for $22.2 million at a foreclosure auction in October 2011. In the same action, Flintco declared a $6.6 million deficiency on the foreclosure judgment against Hammons personally.

Flintco then promptly put the property on the market.

The hotel was listed with Holliday Fenoglio Fowler, a commercial real estate agency based in Houston. It is no longer listed for sale there, according to the HFF website.

Flintco CFO Tom Maxwell said in 2011 the company wanted to finish the work on the hotel and he hoped for a quick sale.

“The hotel is currently under contract,” confirmed Fred Veitch of Nor’wood Development. “It’s in the due diligence process.”

Veitch directed further questions to Doug Stimple, CEO of Classic Homes.

“We are not in a position to comment on anything to do with the Renaissance Hotel at this time,” said Stimple. “Obviously, we remain hopeful and optimistic it will turn into a great asset for our community, but we are not in a position to make any comment.”