A plan to build a pair of hotels near the Colorado Springs Airport passenger terminal cleared a major hurdle Tuesday.
The City Council unanimously approved a $1.7 million sale of 6 acres, just south of Milton E. Proby Parkway in the airport’s Peak Innovation Park, to a limited liability company set up by Atlanta-based Hotel Equities, which wants to develop the hotels.
A 130-room Courtyard by Marriott would open in late 2021, and a similar-sized Residence Inn or equivalent Marriott brand would open later, city Aviation Director Greg Phillips told council members Monday.
The sale price is about $280,000 less than the appraised value, Phillips said.
The deal had been renegotiated to a higher price and must be completed soon to take maximum advantage of federal tax benefits available because the site is in a federal Opportunity Zone, he told the council. That program allows investors in such projects to delay paying federal income tax on investment profits until 2026.