Partially built hotel near DIA sells for nearly $22M

The first owner filed for bankruptcy The second owner defaulted on a loan Now a long-stalled hotel advance near Denver International Airport has a third owner and is coming in with a fresh construction loan Voyage Capital a Dallas-based hotel investor purchased the partially completed hotel at E th Ave late last month for million from fellow Texas hospitality firm Galaxy Hotels Group according to community records Neither firm responded to a request for comment Voyage financed the deal with a million construction loan from Atlanta-based private equity firm Peachtree Group records show The beleaguered hotel saga dates to when a firm called WPB Hospitality picked up the lot and subsequently broke ground on a Best Western hotel Nearly a decade later WPB was in foreclosure and bankrupt Related Articles New equestrian center hotel project at National Western Center wins approval from Denver council Tapville Social building sells for M as developers plan Ballpark hotel New M indoor adventure park coming to Denver s Fox Park advancement Colorado economic outlook brightens with strong hiring in April Denver is home to one of the best luxury hotels in the U S says Tripadvisor A complicated legal battle ensued with WPB suing a half-dozen companies accusing them of conspiring to keep the hotel unbuilt in order to acquire the property cheaply through foreclosure WPB lost the suit and its main construction financier American Lending Center foreclosed on the property in May for million It sold the site to Galaxy Hotels later that year for million records show Galaxy Hotels borrowed million to continue construction of the hotel But just three years after buying it Galaxy was in default on the loan and a receiver was appointed to manage the building which was still sitting unfinished Peachtree Group the lender that financed the contemporary sale of the hotel property also held the debt for Galaxy having purchased it in records show The firm did not respond to a request for comment WPB s owner Wanda Bertoia lately sold another distressed hotel nearby at N Tower Road under the brand Alpine Hospitality Get more real estate and business news by signing up for our weekly newsletter On the Block