Craig, Colorado — Jacobs Real Estate Advisors today announced the successful transfer of Holiday Inn of Craig ownership to Jacobs Real Estate Investors as well as the appointment of the management contract to JREA Management.
Both companies will work cohesively to ensure that the Holiday Inn of Craig will be the premium property in the area. Jacobs Real Estate Advisors LLC has been acquiring distressed hotels throughout the United States for the past 12 months. Focusing on properties that have an inherent community significance and unrealized intrinsic value Jacobs has had great success. The Craig, Colorado Holiday Inn was acquired out of receivership by a newly formed company Jacobs 300 Colorado LLC for $3.1 million.
This will bring new life to a property that has been held by the bank since 2011. At Holiday Inn of Craig, Director of Hotels, Tom French is working alongside current staff to ensure that the JREA Management philosophy of enhancing the value added. With the current management team and the addition of a new General Manager over the next two months, the JREA Management approach will ensure that the Craig, Colorado property is one of the leading hotels in the area.
Tom and the Jacobs REA team will be playing a leading role in a reinvestment focused on guest rooms, banquet facilities - including the hotel’s 8,000-square-foot banquet room which is Craig’s premiere event facility - as well as the lobby, lounge, cafe, restaurant and outdoor social areas. Upon completion, guests will experience a modern, inviting first floor with interactive, communal spaces for conducting business, socializing or enjoying a drink or meal.
As part of the reinvestment initiative, the hotel’s interior will pull inspiration from the local community and the renown parts of Colorado. The renovations will take place throughout 2014 and bring new life to the Holiday Inn of Craig adding significant value to the surrounding Craig area.
“I am excited to add another hotel to our real estate portfolio and management company,” Sholom Jacobs, Principal at Jacobs Real Estate Advisors said. “We have had great success over the past year with hotels throughout the east coast, so broadening our reach was a given. I believe our hands on approach has led to our success in the past and will continue to play a main role with our recent acquisition in Craig.”
To learn more about JREA Management’s and Jacobs Real Estate Advisors newest hotel, visit our companies online at www.jreamanagement.com and www.jacobsrea.com. For reservations or to book your next meeting, wedding or other event, contact the hotel at (970) 824-4000.
ABOUT JACOBS REAL ESTATE ADVISORS LLC COMPANY JREA Management, a boutique New York management company, is renowned for its portfolio of high-quality investment properties and active leadership. The company’s growing portfolio includes hotels and resort properties throughout the United States, including Florida, Texas, and now Colorado. The company is admired for its family values and commitment to the properties in the portfolio. JREA Management is the management arm of its parent company Jacobs Real Estate Advisors. JREA Management exclusively manages Jacobs Real Estate Advisors properties, this close relationship ensures that investors, employees, and the portfolio expectations are exceeded. These privately held companies have over a decade of investment and management experience, with the staffs experience spanning the last quarter century.