VISION HOSPITALITY GROUP, led by President and CEO Mitch Patel, will manage a new Hyatt House hotel in Aurora, Colorado, that is one of the first opportunity zone projects to break ground in the Denver metro area. The 140-room extended stay hotel, owned by Denver-based BMC Investments, is at the Fitzsimons Medical Campus, part of Fitzsimons Army Medical Center.
The new hotel will be part of a development that also will include 8,000 square feet of retail.
“Hyatt House Denver/Aurora will add a new upscale hotel offering to one of Colorado’s most vibrant cities, providing guests close proximity to Fitzsimmons Medical Campus and Aurora’s thriving business district,” Patel said.
The area is growing quickly, BMC CEO Matt Joblon said.
“With the expansion of the UCH Hospital, the Veteran’s Center ramping up and continued growth of Children’s Hospital, there is significant demand for an extended stay hotel,” he said. “We were inspired by the opportunity to provide families a comfortable place to retreat to while facing the challenges that can be presented when seeking medical attention for loved ones.”
Opportunity Zones are typically low-income or distressed areas designated by state governments under federal guidelines in which companies are offered tax incentives to provide long-term private capital investment, according to economic advisory group Smart Growth America. There are currently more than 8,700 Opportunity Zones across the U.S., and SGA claims there is potentially more than $6 trillion dollars of unrealized capital gains to support redevelopment projects and new businesses.
In February, Chattanooga, Tennessee-based Vision Hospitality announced that it would develop the Aloft Chattanooga Hamilton Place, the first Aloft hotel in Vision’s hometown. It will be part of Hamilton Place Sears redevelopment project, and Vision is partnering with another local company, CBL Properties, on the 135-room boutique hotel.