A centenary developer whose plans for a condominium near Beaver Creek stalled in 2020, and whose sister company owed contractors more than $8million in a Brighton project the same year, has filed for bankruptcy of a half-built hotel in Parker.
Colorado World Resorts filed for Chapter 11 protection last month. His attorney told a bankruptcy judge he owed creditors $16.5 million and that the hotel, his only asset, was worth $20 million. The Douglas County Assessor list its valueat $5.8 million.
The company has a franchise agreement with Hawthorn Suites by Wyndham for the future hotel at 19302 Cottonwood Drive, according to its bankruptcy filing. The five-story hotel is expected to have 60 rooms and cover 51,140 square feet.
But CWR owes $14.3 million to BRMK Lending, a Seattle company that last year asked a Douglas District Court judge to approve the sale of the property. The judge ruled almost a year ago that the property should be sold, but that hasn’t happened yet.
In September, CWR was sued by four drywallers, who claimed their contract with CWR guaranteed they would receive two houses in Thornton in exchange for their work on the hotel. After working on it from October 2018 to March 2021, they quit when they learned they wouldn’t be paid and placed a $575,000 lien on the project. This case is ongoing.
CWR – including bankruptcy attorney, Bonnie Bell Bond, did not respond to requests for comment — and its owners have a recent history of stalled projects in Colorado.
At Avon, the company planned to build an 81-unit condominium complex for $75 million in 2019. As of 2020, it was in foreclosure, and the Vail Daily newspaper referred to it as “the big hole in the ground near the entrance to Beaver Creek.” A new developer took over this year and renamed the project to make sure it wouldn’t be confused with the CWRs.
According paperwork CWR filed with the City of Avon, has been in business for nearly 30 years, has built or renovated 17 brand name hotels in the Denver area and built 500 homes here.
CWR is jointly owned by Ranko Mocevic and Eric Keiter. They are also co-owners of Colorado Homes LLC, which filed for Chapter 11 bankruptcy in November 2021. That company had $8.5 million in assets, including $7 million in vacant land in Brighton, and was due $9.3 million.
In Brighton, the company oversaw the Indigo Trails housing estate. County records show the unpaid labor resulted in several liens on the property, including a $6.1 million lien filed by Mocevic’s brother, Branko Mocevicfor labor and materials that he did not pay for.