A Ramada hotel near Denver International Airport has landed in the hands of a new owner after financial turbulence.

Northglenn-based Colorado Hospitality Services, or CHS, purchased the hotel at 6210 N. Tower Road last month for $7.5 million, the company confirmed to BusinessDen.

The property entered foreclosure last June and its then-owner, Alpine Hospitality, filed for Chapter 11 bankruptcy in July. A lawsuit against Alpine over a loan on the property is still pending.

Alpine bought the hotel — once a Comfort Suites — in December 2001 for $3.1 million, records show. In February 2019, Alpine refinanced the property with a five-year, 5.5% interest loan for $5.2 million from North Valley Bank.

In early April 2024, North Valley sued Alpine Hospitality in Denver District Court for failing to pay off the loan upon maturity. Weeks later, it sold the loan to CHS, which initiated the foreclosure proceedings, saying Alpine still owed $4.6 million.

“Our company has experience in receiverships, purchasing properties, upgrading properties as necessary to reposition them, and property management. Currently, we are evaluating future plans for this property to best compete in the Tower Road market,” Jordan Anderson, who works in development and acquisitions for CHS, said in an email.

Alpine’s owner, Wanda Bertoia, could not be reached for comment.

In court filings, Alpine objected to the loan sale and indicated the company had hoped to reach a deal with North Valley.

The amount Alpine owed CHS on the loan — which had ballooned to $5.7 million — counted as a credit bid, meaning it was subtracted from the purchase price.

CHS will want to make some changes at the Ramada. The hotel, which employed 19 full-timers, posted a $22,000 loss in February, bankruptcy documents show. “The Ramada is in close proximity to other properties we own and operate on Tower Road, making this a fitting addition to our company,” said CHS employee Anderson.

— Matt Geiger, BusinessDen