The Eleganté hotel will be transformed into a “low-cost” apartment building

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COLORADO SPRINGS – Last week, a Texas-based developer called SHIR Capital bought Colorado Springs’ second-largest hotel, Hotel Eleganté for $ 25 million.

The group said the plan is to transform the hotel into Alta Living, affordable and accessible housing to encourage young people in entry-level jobs to live in the new apartments.

Front panel of the second largest hotel in Colorado Springs. Credit: Sarah Hempelmann

According to Elan Gordon, director of SHIR Capital, the price to pay is to fight against the record cost of living.

“The price we’re targeting is less than $ 1,000 per month with all bills paid,” Gordon told FOX21 News media partner Colorado Springs Independent. “We have seen in our research that, like Austin, there is an affordable housing crisis [in Colorado Springs]. It is a way to quickly provide valuable housing at competitive prices. “

According to Alta Living website, prices range from $ 969 for a studio to $ 1,696 for a 2-bedroom apartment.

The developers said the company will continue to rent hotel rooms by the night during the construction phase until they make the full transition after all rooms have been converted.

The hotel has been in existence since the mid-1970s. Credit: Sarah Hempelmann

Due to the closure, many hotel employees were made redundant. FOX21 News spoke with a worker who said everyone except front desk, housekeeping and engineers lost their jobs on Thursday.

Since hearing about the job losses, many people across the city have taken to Facebook to voice their displeasure.

One said: “Tons of people have lost their jobs because of this. “

Another commented: “Not only did they fire people abruptly, without warning, but they also canceled contracts for upcoming events in the same way. No warning. No consideration. Just a sudden cancellation.

Tweets from community members expressing dissatisfaction with the way the situation is being handled. Credit: Rachel Saurer

Others have expressed concern about the impact on tourism.

Doug Price, President and CEO of Visit Colorado Springs, released a statement saying, “The loss of one of our core tourism products will require a period of adjustment. The main lesson we have learned over the past two years is that the tourism industry is resilient.

Price also said the city welcomes the addition of many new hotels to the area, so the transition from one of Colorado Springs’ larger hotels to an apartment complex shouldn’t affect tourism in the region. city.

The developers have said the building is expected to be fully completed by the end of 2023.

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