Denver bed and breakfast hits market for $ 4 million
Milan Doshi had originally planned to sell the Queen Anne Bed & Breakfast after 10 years when he bought it with his parents in 2008.
But 2018 was coming and going, and he said he didn’t have the heart to give up.
“When we crossed that 10-year threshold, business was great in terms of sales and loyal customers, and I’ve always really enjoyed it, and I still do today,” Doshi said. “So we continued to hook up. “
Fast forward three years later, and the Doshi family are finally ready to sell the historic bed and breakfast, which is a nationally registered monument, at 2147-2151 Tremont Place across from Benedict Fountain Park at Five Points. This week, they listed the property for $ 4 million.
“It was my legacy to run this place for the years that I have done, but I feel like it’s time for this next chapter,” Doshi said. “We are not in a dire situation like last year, when there were a lot of question marks around what the market would look like. It’s back to a place where anyone who wants to take over that property, whether to run the bed and breakfast or not, there is so much potential. If there is another assignment that someone else has for this space, then maybe it will be at that time as well. “
Doshi bought the 13-unit bed and breakfast with his parents Arvind and Bharti in 2008 for around $ 1.4 million, according to property records. He has operated the business for the past 13 years and his parents have provided financial support.
Doshi said the bed and breakfast had been 90% occupied since it reopened to full capacity in May this year after the pandemic. It plans to continue operating until it finds a new buyer.
Growing up, his parents owned a group of commercial hotels in southern Missouri, where Doshi is from, and they wanted to find another investment in hospitality, but more community-focused this time around.
“We looked at around 150 properties across the country before closing the Queen Anne,” Doshi said. “The idea was to try and find the right community for this anti-franchise business model, where we are aware of where our food comes from, have a deeper connection to the people around us and we make sure that those who stay at our facility feel they are staying somewhere that better represents the city, rather than another cookie-cutter hotel.
The Queen Anne was not for sale at the time, but Doshi contacted the former owner, Tom King, after learning that King had considered selling at some point.
“Tom wanted this to be a bed and breakfast, so when he and I had some of these conversations about my vision, it seemed like a good fit. The first time we came here and saw the park across the street, the gardens at the back, the location and accessibility we knew this was the best property we have ever had seen in our research. ”
Three and a half weeks before the Democratic National Convention, which was held in Denver that year, the family completed a nearly $ 100,000 renovation on the building in preparation for a full reservation with the staff of The newspaper. Hill.
“Every inch was covered with floral wallpaper and rugs,” Doshi said.
The renovation included new hardwood floors, a large custom-made wood dining table for all guests, and platform beds in each bedroom. Each room has also been individually redesigned by a local artist, including artist Meow Wolf Andi Todaro.
The Victorian building was constructed in 1887 and designed by renowned Denver architect Frank Edbrooke, responsible for the Brown Palace and the Oxford Hotel. This is one of the last residential properties he designed that are still standing.
Edbrooke designed it for Edwin Pierce, the brother of famous philanthropist Augusta Tabor. Doshi said stories were passed down from each innkeeper, including that Augusta moved in with her brother in the midst of her divorce from Horace and her vigil was held there. There is a room dedicated to him in the hostel.
“This whole area was then annexed and targeted for demolition by the city of Denver in preparation for the 1976 Winter Olympics,” Doshi said. “The park was going to be the athlete and press village, and there were 12 rows of Victorians in total. So there was a group of lawyers who focused on this house for federal protection, and it became one of the building blocks of the rejection of the 1976 Olympics. Chuck Hillstead, one of the lawyers, is the one who established this bed and breakfast in 1986. “
After Hillstead, King took over the bed and breakfast in 1991 and purchased the neighboring house at 2151 Tremont Place to add it to the business. Together, the two Victorian homes total 9,102 square feet.
Flexible zoning allows endless options to alter or transform the space, whether it’s short term rentals, group living, corporate retreats, events, retail or restaurant, Doshi said.
“Operating a full-service bed and breakfast in the world of Airbnbs and commercial hotels is a declining industry,” Doshi said. “It is by no means easy and requires a lot of work and commitment in the space. But I would be really proud if someone continued to operate it as a bed and breakfast and could see Queen Anne’s legacy carry on. It’s a wonderful lifestyle if you have the courage to want to have conversations with people every day and have fun doing it.
The bed and breakfast is marketed for sale by LIV Sotheby’s International Realty brokers Jon Goldberg and Michelle Seward, as well as Mike O’Neil with Pinnacle Real Estate Advisors.