Downtown Denver hotel sells for $170 million
DENVER BUSINESS JOURNAL - The Embassy Suites by Hilton Denver Downtown-Convention Center has been purchased by New York City-based real estate investment trust Carey Watermark Investors 2 for $170 million, according to public records.
The 17-story, 403-room hotel is located at 1420 Stout St., in downtown Denver, across the street from theColorado Convention Center.
The property was last acquired by Cornerstone Real Estate Advisors LLC on behalf of Downtown Denver Hotel LLC for $134 million in July 2012.
The hotel will continue to be managed by Denver-based Sage Hospitality.
Michael Medizigan, CEO of Carey Watermark Investors 2, issued the following statement on the acquistion:
"The acquisition of the Embassy Suites by Hilton Denver Downtown-Convention Center allowed us to add a well-located, institutional-quality, full-service property in a strong market to the CWI 2 portfolio. Given the historical strength of the Denver market, as well as the development pipeline for office, residential and retail uses, we are confident that Denver will continue to be one of the country's leaders in terms of RevPAR growth. Additionally, we believe many factors will enable the hotel to maintain its position as a top performer among full-service properties in downtown Denver, thereby providing attractive risk-adjusted returns for our investors."
Reported by: Denver Business Journal
The 17-story, 403-room hotel is located at 1420 Stout St., in downtown Denver, across the street from theColorado Convention Center.
The property was last acquired by Cornerstone Real Estate Advisors LLC on behalf of Downtown Denver Hotel LLC for $134 million in July 2012.
The hotel will continue to be managed by Denver-based Sage Hospitality.
Michael Medizigan, CEO of Carey Watermark Investors 2, issued the following statement on the acquistion:
"The acquisition of the Embassy Suites by Hilton Denver Downtown-Convention Center allowed us to add a well-located, institutional-quality, full-service property in a strong market to the CWI 2 portfolio. Given the historical strength of the Denver market, as well as the development pipeline for office, residential and retail uses, we are confident that Denver will continue to be one of the country's leaders in terms of RevPAR growth. Additionally, we believe many factors will enable the hotel to maintain its position as a top performer among full-service properties in downtown Denver, thereby providing attractive risk-adjusted returns for our investors."
Reported by: Denver Business Journal
