The Denver City Council has the potential to acquire the DoubleTree Hotel located at 4040 Quebec St. through a lease agreement, pending approval at an upcoming meeting. This move is in response to the city’s need for housing options for its homeless population.
Under this proposal, the city would initially lease the property for $83,333.33 per month over a period of 15 months with a maximum contract amount of $1,250,000.
During this time frame, Denver also has the option to purchase the hotel for $43 million. The proposed contract outlines a purchase price of $39 million along with additional expenses.
In addition to this potential acquisition, earlier this year saw another hotel conversion by Denver Housing Authority as they acquired Best Western Central Park on 4595 Quebec St., which now serves as individual shelter units. Furthermore,the Stay Inn on E38th Ave was also purchased and converted into supportive housing units.
This development presents an opportunity for Denver City Council to address their homeless crisis by providing much-needed permanent supportive housing options through leasing or purchasing properties such as DoubleTree Hotel.
