Investment duo Riki Hashimoto and Matt Ritter launch Knightsbridge Capital INSIDE Taking occupancy Vectra Bank moves into recently completed corporate center Conversion project Archway Communities to turn dorms into affordable housing 15 6 19 FEATURED Mountain town buy Rare Copper Mountain hotel trades hands 18 CONTENTS FEBRUARY 1-14, 2023 Office 6 Industrial 10 Multifamily 14 Retail 16 Finance 22 Law & Accounting 30 CDE News 32 Who's News 43 by Jenna Walters STEAMBOAT SPRINGS – Mission Hill Hospital- ity is the new owner of a hotel property in Steamboat Springs. The investment company acquired Holiday Inn Steam- boat Springs, the 117-key hotel at 3190 S. Lincoln Ave. According to public records, the buyer purchased the asset from Marr 106 Family Ltd. for $26 million. Mission Hill Hospitality declined to identify the brokers involved in the transaction. Located in the heart of the Rocky Mountains on U.S. Highway 40, the Holiday Inn Steam- boat Springs offers vari- ous room layouts, an indoor-outdoor swimming pool, state-of-the- art fitness center, business center and on-site restaurant Rex’s American Grill and Bar. According to Greg Ken- nealey, chief executive offi- cer of Mission Hill Hospi- tality, Holiday Inn Steam- boat Springs was a desirable investment because it aligns with the company’s invest- ment and growth strategy. The property’s location in a leading leisure-oriented market with year-round demand also proved attrac- tive, Kennealey said. “This off-market acquisi- tion underscores our strate- gic growth and geographic diversification of a high- quality portfolio of well- located select service and extended stay hotels, par- ticularly in leisure-oriented markets with year-round demand,” said Kennealey. “The Holiday Inn Steamboat Springs is just 1.5 miles from the world-renowned Steam- boat ski resort, which cur- rently is undergoing major investment and expansion that will position it as the second largest resort in Colorado and a world-class destination attracting year- round visitors.” Holiday Inn Steamboat Springs is the 26th property added to the Mission Hill Hospitality portfolio since the company’s launch in March 2021 and the first in Colorado. “As a Denver-based com- pany, we’re proud to acquire our first property in our Mission Hill Hospitality makes 1st Colo. buy by Jenna Walters FREDERICK – American life sciences company Agilent Technologies is growing its presence in Frederick, plan- ning a $725 million expansion of its existing manufacturing facility and operations. Agilent will more than dou- ble its 135,000-square-foot foot- print at 7051 Eagle Blvd., add- ing 198,000 sf. The expansion will include two new manu- facturing lines and other sup- porting infrastructure. Accord- ing to Agilent representatives, the expanded facility will integrate even more automa- tion and engineering enhance- ments, including water reduc- tion and solvent capturing and recycling. Agilent expects to break ground on the project this month, with completion slated for 2026. Frederick was selected for the expansion after Agilent evaluated a variety of factors and locations, company rep- resentatives noted. Agilent ultimately chose Frederick because of its strong existing operation in the city, the access to talented engineers and relat- ed specialists, and the in-state support from being part of the community for many years. “Agilent’s presence in Colo- rado is an important element of our focus on supporting high-growth businesses and the customers we serve,” said Mike McMullen, Agilent pres- ident and chief executive offi- cer. “The resources, talent and support we have in the state have helped and will continue to help us achieve our long- term growth objectives. We’re very pleased to be expanding our manufacturing operations in Frederick and look forward to continuing our role as a pos- itive force in the community.” According to a press release distributed by Upstate Colo- rado Economic Develop- ment, the Colorado Econom- ic Development Commission approved up to $1.79 million in a performance-based Stra- tegic Fund incentive over five years, at $6,500 per net new job. These incentives are Agilent plans $725M Frederick expansion A rendering shows what Agilent Technologies’ Frederick facility will look like following its expansion. Please see Agilent, Page 6 Mission Hill Hospitality makes its first Colorado investment with Holiday Inn Steamboat Springs buy. Please see Missioin Hill, Page 18 Greg Kennealey