Greenwood Village based NexGen Properties, LLC (“NexGen Properties”) announces it completed a $3 million renovation of the 74-key Hampton Inn and Suites by Hilton in Greeley, Colorado (“Hampton”) located at 2350 West 29th Street. Originally built in 2006, the 3-story, 48,980 sf hotel received a complete makeover including all guestrooms, check-in desk, market, meeting space, fitness center, pool, corridors, and entirety of the exterior of the hotel. The property also received all new soft goods and technology upgrades.

NexGen Properties’ partner and operator Renascent Hospitality, LLC (“Renascent”) dutifully managed the Hampton’s renovations. Scott Somerville, President and CEO of Renascent Hospitality, remarked “We and our guests could not be more thrilled with the renovation outcome.  The hotel was in desperate need of a facelift, and we were successful in delivering an all-new guest experience. The feedback from our loyal guests has been overwhelming to say the least.”

In addition to the beautification of the hotel, NexGen Properties and Renascent addressed significant deferred maintenance at the property. Capital investment in the property included a new roof, HVAC unit, Serescode humidifier, water heater, and parking lot repairs. As a result, in the most recent Quality Assurance inspection by Hilton, the Hampton ranked in the top eight percent of all Hampton by Hilton properties in quality, condition, and cleanliness.

With the property improvement plan complete and extremely favorable long-term debt secured at acquisition in 2021, NexGen Properties and Renascent look forward to realizing the benefits of their value-add business strategy during their15-year franchise agreement with Hilton. “Hampton by Hilton is the industry’s leading upper mid-scale brand,” said Travis McNeil, President of NexGen Properties. “I am excited to see the Hampton outperform its competitive set in the heart of one of the fastest growing parts of Colorado.” For the 14^thyear in a row, Hampton by Hilton was named the No. 1 hotel franchise (No. 9overall) on the annual list of the world’s top franchises by Entrepreneur Magazine.

“With our initial foray into hospitality in the rearview mirror, we are excited to continue to grow our partnership with Renascent and increase our portfolio allocation to hospitality through the acquisition of other underperforming select service hotels in the Mountain West region,” said Matt Bernstein, Vice President of NexGen Properties. “Our business strategy is to seek value creation opportunities across all asset classes in commercial real estate, and we have learned that this plan translates effectively to hospitality.”