How much did Jesse Morreale pay for the 1st Ave Hotel building?
Denver restaurateur Jesse Morreale (Mezcal, Tambien, La Rumba, Rockbar) recently announced he was taking the next step in building the nascent hotel empire that started with the All-Inn at 3015 East Colfax Avenue by purchasing the historic/empty/decrepit 1st Avenue Hotel building at 101 Broadway.
So how much does it cost these days to add “hotelier” to your title?
Real estate records indicate that in July, Morreale obtained a $3.7 million mortgage from Firstier Bank for the 101 Broadway address. On July 25, Morreale purchased the 1st Avenue Hotel building for $2.5 million, according to city records. (The seller, a company called “I’m In, LLC,” had owned the 10,373 square-foot property since 2005, when it bought it for $1.9 million.)
This leaves Morreale with nearly $1.3 million, presumably for the massive renovation needed on the 103-year-old structure. If his other projects are any indication, whatever he comes up with will be an awesome addition to the Broadway ‘hood. –Jared Jacang Maher
Looks like the chunk of change for renovations is much greater than $1.3 million. From a M-inc press release:
"Through a lending partnership with local bank FirsTier and the Small Business Administration, Morreale plans on spending in excess of five million dollars accomplishing his goal of restoring the 1st Avenue Hotel back to one of Denver's most prized landmarks."