Legendary Capital has sponsored the acquisition of the 142-room Fairfield Inn & Suites Denver Southwest Lakewood in a $19.4 million transaction.
The deal utilized Legendary Capital’s proprietary Equity Preservation UPREIT (EPU) structure in which ownership contributed the hotel in exchange for a special class of Transition Partnership Units (T-Units), allowing for the potential preservation of the contributor’s equity as the property restabilizes.
The property is in the final stages of a conversion to a Fairfield Inn & Suites and is expected to become a consistent top performer in the market. This is Legendary Capital’s second transaction where they have stepped in to help ownership face the challenges of completing a new build or conversion.
The property is located in the Denver-Aurora-Lakewood Metropolitan Statistical Area (MSA), which has a population of 2.8 million. The city of Lakewood is one of the largest suburbs of Denver with an estimate