A recent Cal Poly graduate purchased the Ember Hostel in Denver for $2.4 million, marking his first solo business acquisition. Desai plans to add amenities and his own touches to the property while preserving its historic charm.
“I feel like I can give my two cents and go ahead and implement new strategies, add new amenities, change up the look here and there but still keep that historic touch that this property has to it,” Desai told Business Den.
The seller in the deal, Andy Ward, bought the old Foursquare home in 2016, and opened the hostel the following year. He spent $1.3 million on the real estate and said at the time he expected to spend $300,000 to $500,000 renovating it.The house was built in 1909 and sits on a 9,400-square-foot lot. County records show the building is 7,300 square feet, although Ember’s website puts it at 9,000 square feet.
Desai’s father retired after those properties were completed, and the twenty-something started to look for existing hospitality businesses that he could run. He said he wanted something he could have lots of control over, where he could participate heavily in day-to-day operations.After seeing a listing for the property, he came to Denver to tour it. He’d only been to the Mile High City a few times prior. But he quickly fell in love with the “prime” location.
BUSINESS HOSPITALITY REAL ESTATE ENTREPRENEUR DENVER
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