Colcord Hotel

[therhett17]

http://oklahoman.com/article/5674072...n-downtown-okc

Devon Energy has put the Colcord up for sale.

[Pete]

Very strange.

Why would they be looking to sell this property when the hotel market is in horrible shape?

[soonerguru]

Good question.

[Pete]

The Colcord has sold to Mark Beffort and Andy Burnett:

https://www.oklahoman.com/story/news...gy/4974728001/

[shawnw]

surprised it took this long for Devon to shed this asset

[Pete]

surprised it took this long for Devon to shed this asset

I believe it was under contract to this group for quite a while; probably just a very long due diligence period.


BTW, with a purchase like this you never completely know the ownership. Usually, there is a guy or two that are announced but often several more that are investors. In fact, the people out front often own less (and sometimes just a very small percentage) versus others who wish to stay in the background.

[Pete]

The Colcord sold for $16.4 million.

Devon paid $19.5 million twelve years ago.

[DoctorTaco]

The Colcord sold for $16.4 million.

Devon paid $19.5 million twelve years ago.

A much better ratio than anything CHK has had to dump!

[DowntownMan]

The Colcord sold for $16.4 million.

Devon paid $19.5 million twelve years ago.

Wonder if that includes the conference rooms added on to hotel between the hotel and the Devon tower or do those stay with Devon.
They match the Devon building but are more connected to the Colcord

These rooms are advertised on the colcord website as their banquet/conference rooms. So I’d imagine they go with hotel. So Devon’s loss is bigger then just purchase price less selling price because you know there was several million spent on this two story addition

[gopokes88]

Looks like as of Feb 10th 2022 Colcord will be in Hilton's Curio Collection

https://www.hilton.com/en/hotels/okc...d=&gclid=&AWC=

[kukblue1]

Are the NBA teams all staying at Omni now.

[Pete]

Are the NBA teams all staying at Omni now.

I believe so.

One floor was designed with taller doorways, longer beds and other changes.

[Southsider2]

Are the NBA teams all staying at Omni now.

Some teams stay at the Omni. Others stay at 21C.

[BoulderSooner]

Some teams stay at the Omni. Others stay at 21C.

and others still stay at the skirvin ..

[citywokchinesefood]

and others still stay at the skirvin ..

The Skirvin lost all its NBA contracts a couple years ago. 21C, The colcord, and Omni are the only three hotels in the city that have active NBA contracts.

[unfundedrick]

The Skirvin lost all its NBA contracts a couple years ago. 21C, The colcord, and Omni are the only three hotels in the city that have active NBA contracts.

Ghosts at the Skirvin, you know.

[Pete]