The Zeppelin Station food hall in RiNo has been operating deep in the red this year and owes its landlord $700,000, according to a company official.
As a result, the food hall is changing ownership, the building’s landlord told BusinessDen last week. But it remains open.
Kaplan wrote that the business has lost $325,000 in 2022 and sustained additional losses in previous years. The business recently received a notice of default from its landlord, Denver-based Zeppelin Development, citing a “failure to pay rent and other amounts.” In his letter to food hall investors, Kaplan said the business had already attempted at least one turnaround strategy. In early 2021, the company brought on Austin-based Fam Hospitality to manage operations. Fam also opened several restaurants within the food hall itself, including the Japanese and French-inspired KoKo Ni.
RiNo Night Market LLC received two loans totaling $332,000 through the pandemic-prompted Paycheck Protection Program, according to a database maintained by ProPublica. At least one of the loans has been forgiven, the database shows.
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