US hotel worth Rs 75 cr on sale for Rs 875. Here's why

A hotel in Denver, Colorado, valued at over $9 million (approximately Rs 75 crore), is being offered for sale at the nominal price of $10 (Rs 875). However, the purchase comes with a significant requirement: the buyer must commit to renovating the property and converting it into housing for the homeless, according to a report by FOX31.

Originally acquired by the city of Denver in 2023 for $9 million, the former Stay Inn motel has seen only minor repairs since its purchase. The city’s objective is to transform the building into “supportive housing” as part of its efforts to address homelessness. The unusual sale has captured global attention, with many eager to see who will take on the challenge of revitalizing the property for community use.

Derek Woodbury, spokesperson for the Denver Department of Housing Stability, confirmed that the city is in the process of selecting a development partner, with applications under review. Once a potential developer is chosen, an agreement will be presented to the city council for approval.

“We are hopeful that the procurement will result in a path forward for delivering supportive housing at the site,” Woodbury stated in an email to FOX31.

The city’s request for proposals specifies that the building will be sold in its current condition, with a binding agreement requiring it to function as income-restricted housing for the next 99 years. Any proposed purchase and sale agreement will require approval from the Denver City Council, with the city aiming to finalize such an agreement later this year.

(Disclaimer: This article has been written by a generative AI tool and has been edited and reviewed by the DH Web Desk