Olive Real Estate Group and Hotel Equities Open Dual-Branded Springhill Suites and Element Hotel in Downtown Colorado Springs

USA, Colorado Springs, Colorado. June 24, 2022

Olive Real Estate Group, Hotel Equities ("HE"), Colarelli Construction and Hotel Operations Services, the owners, development and operations partners, are excited to announce the grand opening of the new dual-branded SpringHill Suites by Marriott and Element by Westin in Downtown Colorado Springs. The dual-branded property has a combined 261-guestrooms and features panoramic views of Pikes Peak, Garden of the Gods Park, and the Rocky Mountains.

"The Downtown Colorado Springs dual-branded hotel has provided over 150 jobs to Colorado Springs residents with competitive salaries, benefits, and career growth opportunities," said Principal of Olive Real Estate Group, Jim DiBiase. "In addition to the positive social impact the hotel brings, the dual-branded model is the perfect solution to the market's demand for upscale, urban focused accommodations that include extended stay options in the city's downtown core. It is a testament to the growth of business and tourism travel in Colorado Springs."

"We are so excited to add this property to our hotel portfolio, further expanding our footprint in the West," said Chief Development Officer of HE, Joe Reardon.

Chief Executive Officer of Hotel Equites, Brad Rahinsky, added, "This hotel represents our further commitment and investment into the thriving Colorado Springs market. We've been actively involved in The Springs as owners and operators for nearly a decade and look to continue to grow and support the community with continued growth and opportunities.

The dual-branded property, located at the corner of South Tejon and East Costilla, is in the heart of downtown Colorado Springs, a growing center for business functions and entertainment options including the U.S. Olympic & Paralympic Museum and the Colorado Springs Switchbacks FC. The location is encompassed by Colorado College, University of Colorado Colorado Springs, the United States Air Force Academy, Colorado Springs Fine Arts Center, and many local restaurants and bars.

Gus Krimm serves as General Manager of the hotel alongside Director of Sales, Linda Greenwell.

"Our team has had the pleasure of working alongside the developers and on-property opening team since the project's inception to ensure the original vision for the dual-branded property comes to fruition," said Senior Vice President of Operations at HE, Peter Tziahanas. "I have complete confidence that the team has delivered a property that will serve as a central gathering place for the downtown community and offer guests a unique experience when visiting the vibrant city."

The eighth floor of the dual-branded hotel is home to Lumen8 Rooftop Social, a contemporary restaurant and bar opening June 1, 2022. Eight stories high with panoramic mountain views, the restaurant capitalizes on the seasonality of Colorado Springs. With upscale, contemporary American cuisine, a rooftop patio, and a focus on locally sourced ingredients, Lumen8 is "an excellent space to take in the view, enjoy a bottle of wine, and enjoy the evening with your family and friends" says Chris Starkus, Director of Food and Beverage.

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