New ownership group takes over operations at La Quinta in Steamboat
STEAMBOAT SPRINGS — New owners of La Quinta in Steamboat Springs plan to freshen up the hotel that was built in 1998. Planned improvements include renovating the outside of the hotel, which is located on U.S. Highway 40.
“We are also going to build an addition to improve the breakfast area and add a business center,” said new owner and longtime Steamboat businessman Stephen Caragol. “We will also add a few rooms, but we don’t have a specific number yet.”
Caragol and his business partner Jason Truong purchased the hotel at the end of December. They said the expansion and renovations are expected to begin once the 2019-20 ski season ends this spring.
“Steamboat Springs is a very attractive place these days,” said Truong, who owns and operates several hotels in Colorado and Wyoming. “I looked at the market in Steamboat, and I feel like is a very steady market and I think the property can become a quality hotel.
“Steamboat is a good real estate market, and things out here hold their value,” Truong added.
For Caragol, the hotel was a chance to diversify his portfolio, which already includes Curve Plaza, retail space in the Alpenglow building as well as industrial and office space across Steamboat. Caragol also developed Waterside Village on Yampa Street.
“We are diversifying our portfolio and moving into the hospitality business,” Caragol said. “We think that the business matches our skill set — the combination of commercial and residential.”
The new ownership group paid $3.5 million for the 29-room hotel, which will continue to operate under the La Quinta name. The building is 14,758-square feet and currently includes an indoor pool and hot tub area, a breakfast area and a reception area.
Caragol expects the hotel to remain open during the expansion and renovation projects.
“I think what makes the hotel attractive is the fact that there’s room to improve the hotel and increase room rates,” Caragol said. “I see it as a very good investment.”
To reach John F. Russell, call 970-871-4209, email jrussell@SteamboatPilot.com or follow him on Twitter @Framp1966.
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