EXCLUSIVE: Another downtown Denver hotel sold for $72 million
The Crowne Plaza Denver Downtown hotel at 1450 Glenarm Place has been sold for $72 million to a Massachusetts real estate investment trust, according to public records.
It's the second sale of a major downtown hotel to be reported by the Denver Business Journal in as many weeks. Last week, the DBJ reported the sale of the Curtis hotel at 1405 Curtis Street for $86 million.
Florida-based Driftwood Hospitality Management purchased the property in 2006 and sold it earlier this month to Hospitality Properties Trust Inc., a subsidiary of REIT Management and Research LLC, based in Newton, Massachusetts.
The 364-room hotel was built in 1977 and in 2011 secured $28 million in refinancing.
The Crowne Plaza brand is owned and managed by InterContinental Hotels Group PLC.
REIT Management and Research and Hospitality Properties Trust did not return requests for comment, but HPT's first-quarter report to the Securities and Exchange Commission stated that it had in March entered into an agreement to purchase the Crowne.
Reported by: Denver Business Journal
It's the second sale of a major downtown hotel to be reported by the Denver Business Journal in as many weeks. Last week, the DBJ reported the sale of the Curtis hotel at 1405 Curtis Street for $86 million.
Florida-based Driftwood Hospitality Management purchased the property in 2006 and sold it earlier this month to Hospitality Properties Trust Inc., a subsidiary of REIT Management and Research LLC, based in Newton, Massachusetts.
The 364-room hotel was built in 1977 and in 2011 secured $28 million in refinancing.
The Crowne Plaza brand is owned and managed by InterContinental Hotels Group PLC.
REIT Management and Research and Hospitality Properties Trust did not return requests for comment, but HPT's first-quarter report to the Securities and Exchange Commission stated that it had in March entered into an agreement to purchase the Crowne.
Reported by: Denver Business Journal
