Laramar Group Acquires Royal Palace Motel In Denver For $7.3M

Laramar Group has acquired the closed Royal Palace Motel at 1565 N. Colorado Blvd. in Denver, CO for $7.3 million. The property is a hotel asset and the transaction took place on January 16, 2024.

Summary of transaction details

• Property Type: Hotel
• Transaction Amount: $7,300,000
• Address: 1565 N. Colorado Blvd., Denver, CO
• Market: Denver, CO

The buyer in this transaction is Jeffrey Elowe, representing the Laramar Group. Meanwhile, the seller is Jeff Oberg. The Laramar Group plans to develop a six-story apartment building with at least 153 units on the acquired property.