LoDo’s Nativ Hotel is going up for auction next month and its largest creditor wants nothing short of $7.9 million, according to court records.
“The auction was my suggestion very early on before we went the legal route with our lender,” Nativ co-owner Amin Suliaman told BusinessDen. “If you do it on the right platform, it opens us up to a national and international market. You know there are 10 guys in Denver who are going to want the property because they understand what it is, but hometown guys aren’t going to pay what you want to get out of the property.
Suliaman owns 49 percent of KDA Properties. Kenneth Ware, listing a Centennial address, owns the other 51 percent. Ware is also the entity’s second-largest creditor, owed $1.2 million for “capital investment,” according to the filing. “In that event, Pangea shall be free to immediately proceed with its public trustee foreclosure sale on the Property, UCC sale of the personal property, and to utilize any other legal and equitable remedies collect all amounts due against the Debtor, Nativ Hotel, LLC, Amin Suliaman, Kenneth C. Ware, and any other collateral securing the debt owed to Pangea,” according to the stipulation.
KDA Properties purchased Nativ Hotel and its real estate for $6 million in 2018 after the previous owners pulled out of operations, Suliaman told BusinessDen at the time.
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