i blogged in november that 901 division and 905 division in the gulch were both purchased by a company known for developing hotels but last week, the ever growing gulch area could see another possibility for a hotel around the corner. located next door to deja vu showgirls on demonbreun street lies two prime pieces of real estate that were recently purchased. eakin partners sold the two adjacent lots, 1204 demonbreun & 1206 demonbreun, to silverrock, llp for $1.5 million…with a catch.
included in the deed was specific language obligating the new buyers to develop an “upper midscale or extended stay hotel” approved by eakin. on the pre-approved list: hyatt place, aloft, town place suites by marriott, cambria suites by choice, spring hill suites, and element. the property may also be used for “general retail uses” including a “restaurant of a first class type and quality.”
what does eakin get out of this? the property sits across the street from another eakin partners lot, the future site of a $80 million upscale 312-apartment high-rise that could top out at 23 stories with over 450,000 square feet on the corner of demonbreun & 12th street.