The aging Royal Palace Motel on Colorado Boulevard was purchased for $7.3 million on Tuesday, according to property records.
The purchase was made by real estate firm Laramar Group a decade after the motel was shut down.
Built in 1969, the Royal Palace was dogged by reported crimes and unsolved murders. Laramar Group plans to build a six-story apartment building on the one-acre site with at least 153 units, according to city records.
Some residents on nearby Colfax Avenue hope the new development won’t lead to the demolition of the motel’s neon sign. Aaron Stephens called the sign a city landmark and said it should be preserved.
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