Olive Real Estate Group and Hotel Equities Break Ground on New Residence Inn by Marriott at Colorado Springs Airport

USA, Atlanta, Georgia. July 28, 2022

Olive Real Estate Group, Hotel Equities ("HE"), Colarelli Construction and Hotel Operations Services announced the official ground breaking of the new Residence Inn by Marriott hotel just minutes away from the Colorado Springs Airport Terminal. Located in Peak Innovation Business Park, the hotel is the first of a two-phase plan to build a Residence Inn and Courtyard by Marriott, which will be connected by a common lobby with shared amenities. The hotel will be managed by Hotel Equities, who will provide development services throughout the hotel's construction, and is expected to open in late 2023

"We are pleased to continue expansion of our portfolio in the West and specifically Colorado Springs," said Joe Reardon, Chief Development Officer for HE. "As Colorado Springs businesses and tourism continues to grow, we fully intend to grow with it."

Operated to feel like a home away from home, Residence Inn by Marriott offers guests a variety of lodging choices from studio guestrooms to spacious suites, designated work areas in each room, in-room kitchens, and various other amenities. Additionally, guests will have access to complimentary wi-fi, onsite parking, onsite food and beverage, grocery delivery service, dry cleaning services, and use of meeting rooms.

"One of our main goals in building this hotel is to engage and connect our community with the Colorado Springs Airport and Peak Innovation Park," said Jim DiBiase, Principal of Olive Real Estate Group. "Not only will this hotel create jobs in southeast Colorado Springs, it will provide a much-needed hospitality option for airline employees, airport passengers, Peak Innovation Park employers, nearby defense contractors and adjacent Peterson Space Force Base."

Project partners have prioritized using local vendors, contractors, and subcontractors to augment growth of the local economy.

Those in attendance at the groundbreaking included hotel owners, operators and development, City of Colorado Springs Mayor John Suthers, Director of Aviation at the Colorado Springs Airport Greg Phillips, Brad Rahinsky, President and CEO of Hotel Equities, as well as various City of Colorado Springs and El Paso County elected officials and staff.

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