鈥� A once-thriving and ambitious hotel management and development company that aspired to grow beyond Northern Colorado is now selling its four remaining hotels 鈥� the last vestiges of an empire built by the late William G. 鈥淏ill鈥� Albrecht 鈥� amid a swirl of bankruptcies, lawsuits, receivership and internal feuds.
Albrecht鈥檚 death has triggered a series of rapid-fire events involving the Fort Collins-based company, with his heirs battling its managers for control and its investors caught in the crossfire.
The remaining directors of Spirit Hospitality LLC recently listed Hilton Garden Inn in Thornton with its Johnny鈥檚 Italian Steakhouse, Fairfield Inn & Suites in Fort Collins, and Candlewood Suites locations in Fort Collins and Thornton for sale through commercial real estate brokerage Marcus & Millichap Inc. (NYSE; MMI).
Each is owned by a separate development company started by Albrecht that is named 鈥淲illco鈥� followed by a Roman numeral, and all headquartered at 4836 S. College Ave., Suite 11:
- Fairfield Inn and Suites, at 3520 Timberwood Drive, along East Harmony Road east of Ziegler Road in south Fort Collins, and owned by Willco XV Development LLLP, is listed for sale at $13.5 million.
- Candlewood Suites, 314 Pavilion Lane, near Troutman and John F. Kennedy parkways in south Fort Collins, and owned by Willco VII Development LLLP, is listed for sale at $11 million.
- Candlewood Suites Denver North, 14362 Lincoln Way, southeast of Interstate 25 and 144th Avenue in Thornton, and owned by Willco XI Development LLLP, is also listed at $11 million.
- Hilton Garden Inn and its attached Johnny鈥檚 Italian Steakhouse, 14275 Lincoln St. in Thornton, adjacent to and south of Candlewood Suites Denver North and owned by Willco X Development LLLP, is listed for $21 million.
Albrecht built the company
A Chicago native, Albrecht moved to Fort Collins in 1971, starting his real estate career at Stoner Realty before ascending to the presidency of Osprey Homes鈥� Northern Colorado division and then starting his own construction and development company, Albrecht Homes. He founded Spirit Hospitality in 1994 along with partner Rob Uehran, who moved into the hotel-management industry after spending his childhood at his family鈥檚 Spirit Inn lake resort in North Dakota. The pair opened their first hotel, a Comfort Inn in Loveland, in 1998. Albrecht sold Albrecht Homes in 2000, and in November of that year, the pair opened another Comfort Inn in Fort Collins under the Willco Development moniker.
Spirit invested 40% in each of the Willco entities and offered the remaining 60% to investors. Over the years, around 150 people, most of them friends of Albrecht in Northern Colorado, invested in the subsidiary companies.
In 2022, Albrecht injured his neck when he became dizzy and fell against an iron coat rack. He became a quadriplegic 鈥� even though he still strived to come into the south Fort Collins office almost daily to work on plans for renewed growth beginning in 2024. He died on June 13, 2023, at age 76.
Wanting his legacy to live on, Albrecht left 75% of Spirit鈥檚 ownership to his daughter, Kristen Albrecht, and 25% to his fiance茅, Nancy Trumbly. Kristen, as executor of the estate, was left to run the company alone. Today, Kristen Albrecht lives in New Orleans and markets her artwork, and Trumbly lives in Fort Collins in a home that William Albrecht built.
Bryan Swanson, an employee of Spirit since 2019 who had ascended to become chief financial officer and then CEO of Spirit, that the executive team was working on the sale of two hotel properties in order to position the company for growth. Indeed, Willco VIII Development LLLP and Willco XII Development LLLP promptly their Comfort Suites in the 2534 development of Johnstown and the Candlewood Suites in Greeley to separate companies that had been newly formed in suburban Salt Lake City.
However, Swanson told BizWest then, 鈥淲e don鈥檛 expect to divest any more. We intend to manage what we have going forward and begin a growth cycle in 2024鈥� as the hospitality industry recovers from the COVID-19 pandemic. He said institutional brands such as Hilton, Marriott and IHG were encouraging small management groups such as Spirit to develop new properties, and identified Utah, Arizona and Idaho as among the markets with potential.
鈥淲e鈥檙e on a path of positivity and growth,鈥� Swanson said then.
Aryell Mattern, who at the time was Spirit鈥檚 chief operating officer, told BizWest at the time that William Albrecht 鈥渓oved his employees and his assets.鈥�
The lawsuits begin
What happened next can only be pieced together through public court documents and accounts from people who demanded anonymity as litigation continues. Neither Swanson nor Kristen Albrecht returned repeated calls and emails seeking interviews about the current state of the company and its future.
What is known is that Kristen Albrecht sued the company last July 29 in Larimer District Court, alleging 鈥渂reach of fiduciary duties鈥� and other mismanagement on the part of Swanson and Alan Butterfield and seeking to place the company in receivership.
As documented in her lawsuit, Butterfield in 2017 and 2018 had become an investor and limited partner in Willco X and Willco XIV to the tune of approximately $1.2 million. In March 2020, she said, Butterfield lent William Albrecht money; in return, she said, Albrecht pledged Willco XIII鈥檚 land as collateral for the promissory note.
Even then, in the heart of the COVID-19 pandemic, the company 鈥� and the hospitality industry in general 鈥� was undergoing some financial difficulties. In August 2020, the Comfort Inn and Suites in Johnstown was given a foreclosure notice from creditor FirstBank for being behind on a $6.72 million loan issued in 2016. A month later, the Willco entity owning that hotel . And a week after that, Willco X, owners of the Hilton Garden Inn in Thornton, , with most of its 20 largest creditors being construction and operating vendors, which were owed a combined $1.18 million.
According to Kristen Albrecht鈥檚 July 2024 lawsuit, soon after her father鈥檚 death, 鈥淏utterfield, a longtime investor in Spirit鈥檚 various hotel ventures, proposed that he and Swanson 鈥� take a larger role in the management of the business and presented K. Albrecht with [a] proposal for the adoption of an Amended Operating Agreement (鈥楢OA鈥�) for Spirit. In making this proposal, Butterfield utilized both a carrot (the promise to utilize his corporate management experience to help her manage the company) and a stick (the threat of litigation if she did not comply with his demands).鈥�
In fact, her complaint alleged, her father had entered into some agreements with an investor in several of the Willco entities that weren鈥檛 disclosed to the entities鈥� other investors. Butterfield began investigating and, on the day before William Albrecht died, threatened to sue Spirit unless it amended its operating agreement to convert the company into a manager-managed entity, appoint Butterfield and Swanson to the board, and appoint Swanson as CEO.
鈥淔acing immense pressure from Butterfield, and reeling from her father鈥檚 death,鈥� her lawsuit said, she 鈥渉ad only one week to decide whether to adopt Butterfield鈥檚 proposal. Under duress, she signed the agreement.
鈥淯nbeknownst to K. Albrecht, however, Butterfield鈥檚 proposal was a bait-and-switch,鈥� her complaint continued. 鈥淭wo things have since become clear. First, the Individual Defendants were in cahoots far before Butterfield proposed the AOA. Second, the Individual Defendants simply sought to wrest control of the company from K. Albrecht to protect their personal interests through any means possible.鈥�
Her 32-page complaint alleges that once attaining power, Swanson and Butterfield 鈥渂oth acted with malfeasance鈥� and that 鈥淪wanson鈥檚 behavior has been especially egregious.鈥�
She alleged that Swanson 鈥渂latantly breached his employment agreement鈥� by seeking to build a competing hospitality entity called Hestia Hospitality LLC, misused company funds for his own benefit and prevented Kristen Albrecht 鈥渇rom actively participating in the management of the company through bullying and harassment.鈥�
She tried to have Swanson removed, her complaint said, but the action failed on the three-member governing body because Swanson, as the interested party, couldn鈥檛 vote and Butterfield, 鈥減redictably, will not remove his co-conspirator from the Board.鈥�
She alleged that Swanson is 鈥済rossly overpaid鈥� as CEO and has received more than $500,000 in bonuses since taking that job, that he started 鈥渂ullying鈥� her and other Spirit employees, 鈥渕isusing company funds for his own personal benefit; and ultimately even misappropriating Spirit鈥檚 trade secrets and confidential information in an attempt to build his own company 鈥� in direct violation of his non-compete and non-solicitation agreements with Spirit.鈥� She alleged that Swanson hid the existence and operations of Hestia from her 鈥渁nd never sought board approval to form any such company.鈥�
She claimed that Swanson since last spring tasked Spirit employees with getting Hestia off the ground, asked Mattern to 鈥渞each out to her contacts in the hospitality industry on behalf of Hestia, and told Mattern that the estate 鈥渨ould be footing the bill for the new venture.
鈥淥nly when confronted about Hestia鈥檚 existence,鈥� Kristen Albrecht鈥檚 complaint said, 鈥渄id Swanson then attempt to change the company鈥檚 corporate structure and purpose and declared it a subsidiary of Spirit.鈥�
Kristen Albrecht thus requested in her lawsuit that the Larimer District Court appoint a receiver to run the company.
In August, she resigned as personal representative of her father鈥檚 estate and appointed Marcie McMinimee to replace her. They then filed an amended complaint.
On Nov. 4, District Court Judge Laurie K. Dean appointed Ryan Gulick of The Receiver Group LLC, a Lombard, Illinois-based company with a Denver office, as receiver for Spirit Hospitality. A week later, Gulick wrote a letter reassuring Spirit employees and advising them to send any questions about the new arrangement through Swanson.
In a motion filed Nov. 18, Butterfield鈥檚 attorneys, referring to Kristen Albrecht鈥檚 lawsuit, asserted that 鈥渢he provisions of the Receivership Order make clear that the Receiver is the party with the power and authority to pursue claims by or on behalf of Spirit.鈥� Butterfield鈥檚 motion to dismiss the lawsuit also asserted that, in her role as the personal representative of the estate, McMinimee has a conflict of interest.
鈥業t made everybody uncomfortable鈥�
According to multiple people who spoke on condition of anonymity, Mattern, who had worked with Spirit for 21 years, was fired in September, as was Scott Ranweiler, who had been director of development for five years. Kristen Plant, who had been a general manager at the Fairfield Inn in Fort Collins for at least six years, resigned in October. The general manager of Johnny鈥檚 was terminated in mid-January, and Alex Born, who had been hired by Mattern and Swanson in March as general manager for the 83-room Candlewood in Fort Collins, was fired two weeks later via a letter from human resources with no explanation.
After four years at Taos Ski Valley in New Mexico, managing restaurants and a Hilton hotel, 鈥淚 was super excited to be moving back to my hometown, Fort Collins,鈥� as general manager of the extended-stay Candlewood Suites, Born told BizWest, adding that 鈥渋t was the story of the company that made me so excited.鈥�
He described a great working relationship with Mattern, but said that when she was fired, 鈥淎ll of a sudden, Bryan鈥檚 my direct report.
鈥淎ryell was great to work with and gave me all the resources I needed,鈥� he said. 鈥淚n her absence I was left alone to manage the hotel. Nobody in the corporate office knew the reservation system at the hotel, so I had no support. I was left in the dark. It kind of killed my pride.鈥�
When Born told Swanson that he was having trouble keeping housekeepers because their pay was not competitive, he recalled, 鈥淏ryan said, 鈥榃e could take away everybody鈥檚 benefits and pay them an extra dollar.鈥欌��
Meanwhile, 鈥渁ll the GMs were starting to get interrogated by Bryan. 鈥楢re you talking with Aryell? Are you talking with Kristen?鈥� It kind of made everybody uncomfortable,鈥� Born said. 鈥淚 had multiple one-on-ones with him, and they got very bad, very sour. The company culture was going downhill fast. We were told by the CEO not to reach out to the owner or tell her what鈥檚 going on.
鈥淚t felt like the Gestapo in World War II.鈥�
After he was terminated, 鈥淚 never got the bonus I was eligible for,鈥� Born said. 鈥淚鈥檓 pretty sure they鈥檙e contesting my unemployment. They contested Aryell鈥檚. I wanted to sue, but to what avail?鈥�
Butterfield takes on the receiver
The latest pair of legal actions involving Spirit came this month.
On Feb. 5 in Denver District Court, Butterfield sued Spirit and receiver Gulick in a complaint that demanded a jury trial. Butterfield, who lives in Florida, said Gulick had sent him a letter of termination from the board on Dec. 14, which the lawsuit contends violated the terms of a Dec. 1, 2023, contract with Spirit. In that contract, Spirit appointed Butterfield to serve as one of its managers through Nov. 30, 2033, and agreed to pay him $8,000 a month throughout the 10-year term and reimburse him for 鈥渁ll expenses reasonably incurred and paid by him.鈥� Butterfield鈥檚 lawsuit states that his counsel sent a letter to Spirit and Gulick on Jan 10 proposing to enter mediation, but that request was rejected.
Then last Tuesday, Butterfield sued Spirit and Gulick again and added Willco VII, owners of the Fort Collins Candlewood Suites, to the complaint. In the latest filing, Butterfield alleges that Spirit sold him a secured limited partnership unit in Willco VII for more than $242,000 in February 2024, but failed to disclose to him that it had not recorded a deed of trust in Willco VII reflecting that transaction. He claims that as part of that partnership agreement, that initial capital contribution was to be paid back to him by Dec. 31 鈥� but wasn鈥檛鈥� and that the receiver on Jan. 20 wrote to him that Spirit and Willco VII wouldn鈥檛 comply with the agreement鈥檚 terms. Butterfield鈥檚 complaint says Spirit and Gulick wrote to him last Monday indicating that his request that the deed of trust be filed 鈥渋s somehow barred by the statutes of limitation.鈥�
BizWest reached out to Butterfield for comment through his attorneys at Denver-based Venable LLP. One of the lawyers, Peter G. Koclanes, responded that 鈥淢r. Butterfield is a very private man. As such, Mr. Butterfield will not comment on pending lawsuits other than to say that he believes it is unfortunate that others have forced him to file a lawsuit in order to protect and enforce his rights.鈥�
Spirit today
Even as the litigation proceeds and the hotels are listed for sale, a marketing representative continues to promote them to customers on Spirit Hospitality鈥檚 . As recently as Feb. 1, Facebook posts were touting the amenities at the hotels and steakhouse, as well as adding links to lists of activities around Fort Collins. Such marketing obviously is a plus in terms of boosting the properties鈥� sale value.
And the continued to post motivational messages. The latest, added last Thanksgiving, noted that, 鈥渋n the spirit of gratitude, let鈥檚 commit to celebrating the individuals who work tirelessly to make every guest experience memorable and every client relationship meaningful. Because in hospitality, it鈥檚 the people who truly make the difference.鈥�
But one of the people who spoke to BizWest expressed concern about the company鈥檚 future.
鈥淏ill would do anything for his employees. That was his baby,鈥� the source said. 鈥淗e started it with nothing and made so much, and it sounds like they are destroying it.鈥�
And Born said he was 鈥渉appy I鈥檓 no longer with the company, but that鈥檚 sad. A dark cloud came over Spirit.鈥�
Court cases include:
- Kristen Marie Albrecht, an individual, Marcie McMinimee, as the Personal Representative of the Estate of William G. Albrecht, and derivatively on behalf of Spirit Hospitality LLC, plaintiff, v. Alan Butterfield, Bryan Swanson and Spirit Hospitality LLC, in Larimer District Court. Case No. 2024-CV-30653
- Alan Butterfield v. Spirit Hospitality LLC and, by and through its Receiver, The Receiver Group LLC and Ryan Gulick in Denver District Court. Case No. 2025-CV-30479
- Alan Butterfield v. Spirit Hospitality LLC, The Receiver Group LLC and Ryan Gulick, and Willco VII Development LLP in Denver District Court. Case No. 2025-CV-30530
- Willco VII Development LLLP, dba Candlewood Suites Fort Collins, Chapter 11, Case No. 20-16307-TBM in U.S. Bankruptcy Court in Denver
- Willco X Development LLLP, dba Hilton Garden Inn of Thornton, Chapter 11, Case No. 20-16438 TBM in U.S. Bankruptcy Court in Denver.
