Downtown Denver hotel sells for $81.5M
DENVER BUSINESS JOURNAL - Denver's first dual-branded hotel, which only opened last year, has changed hands for $81.5 million, the New York buyer announced Thursday.
Carey Watermark Investors Inc., a real estate investment trust with a focus on lodging, bought the hotel from Stonebridge Cos., the Centennial-area company headed by Navin Dimond. The hotel, at 550 15th St., opened in April 2013.
The hotel has 120 units of the Hampton Inn and Suites, which take up floors two through five, while floors six through 12 contain 182 Homewood Suites units.
The acquisition is the first for Carey Watermark Investors in Colorado.
"The acquisition of the Hampton Inn & Suites/Homewood Suites by Hilton Denver Downtown/Convention Center represented the opportunity to invest in a newly redeveloped, quality dual-branded hotel with strong brand affiliations in a strong domestic market. Given these attributes, we believe that the investment will be a solid cash flow-generating addition to our growing portfolio," said Michael Medzigian, the company's CEO.
Reported by: 9news.com
Carey Watermark Investors Inc., a real estate investment trust with a focus on lodging, bought the hotel from Stonebridge Cos., the Centennial-area company headed by Navin Dimond. The hotel, at 550 15th St., opened in April 2013.
The hotel has 120 units of the Hampton Inn and Suites, which take up floors two through five, while floors six through 12 contain 182 Homewood Suites units.
The acquisition is the first for Carey Watermark Investors in Colorado.
"The acquisition of the Hampton Inn & Suites/Homewood Suites by Hilton Denver Downtown/Convention Center represented the opportunity to invest in a newly redeveloped, quality dual-branded hotel with strong brand affiliations in a strong domestic market. Given these attributes, we believe that the investment will be a solid cash flow-generating addition to our growing portfolio," said Michael Medzigian, the company's CEO.
Reported by: 9news.com
