Motel will be converted to 54 small apartments to target millennial renters in Eagle
January 12, 2018
EAGLE — A local motel will be converted to small apartments and rented long-term.
Eagle’s AmericInn will become 54 small apartments, after the town board gave the owners the green light to try something completely different.
Kelly Herzog, with K Real Estate Development, said they’re aiming straight at millennials who value “experiences over stuff.”
The as-yet unnamed project will feature much of the motel’s current amenities — workout facilities, spaces to gather, car sharing and other features — for the renters.
It will also include kitchens and other communal areas.
“I like to think of it as a dorm facility for grownups,” Herzog said.
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To get started, Eagle’s Town Board had to rezone the motel from a commercial property to high-density residential.
Herzog said she and her partners saw the Turntable Apartments in Denver make that conversion and decided they’d try it.
The conversion will remove 19,000 room nights from Eagle’s hotel inventory. However, Eagle’s five motels are running around 47 percent occupancy, Herzog said.
She projected that those hotel guests would shift to other Eagle motels, pushing the remaining motels over 50 percent occupancy. She also projected that any money Eagle forfeits in room taxes would be more than covered by sales taxes from AmericInn residents.
The town board agreed, voting unanimously to approve the project.
Herzog said the apartments would rent for around $1,000 a month.