Hyatt Place Denver hotel changes hands
A Florida real estate investment trust has bought the 194-room Hyatt Place Denver/Cherry Creek in Glendale for $32 million, or about $165,000 a room.
Chatham Lodging Trust (NYSE: CLDT) of Palm Beach, Florida, also owns the Hilton Garden Inn in the Denver Tech Center, and has an ownership interest in two Residence Inns in metro Denver.
The newly acquired hotel was previously known as Loews Denver Cherry Creek. The hotel closed in 2012 and reopened in October 2013 under the Hyatt Place brand after undergoing $10 million in improvements.The 11-story hotel is at 4150 E. Mississippi Ave. just east of Colorado Boulevard.
Chatham said it paid for the purchase with available cash and by borrowing on its secured revolving credit facility.
Peter Willis, chief investment officer for Chatham, said in a statement the hotel "is experiencing strong demand growth from both corporate and leisure travelers." He also said business at the hotel should continue to grow.
The hotel is alongside, but separate from, the Rocky Mountain Tower office building, nicknamed by locals the Darth Vader building because of its resemblance to the “Star Wars” villain. The tower is sometimes mistaken for the hotel because it carries the hotel's nameplate.
The property was previously sold in January 2013 to DiNapoli Capital Partners and Rockwood Capital for $11.2 million.
The property, built in 1986, was originally known as the Giorgio.
Reported by: Denver Business Journal
Chatham Lodging Trust (NYSE: CLDT) of Palm Beach, Florida, also owns the Hilton Garden Inn in the Denver Tech Center, and has an ownership interest in two Residence Inns in metro Denver.
The newly acquired hotel was previously known as Loews Denver Cherry Creek. The hotel closed in 2012 and reopened in October 2013 under the Hyatt Place brand after undergoing $10 million in improvements.The 11-story hotel is at 4150 E. Mississippi Ave. just east of Colorado Boulevard.
Chatham said it paid for the purchase with available cash and by borrowing on its secured revolving credit facility.
Peter Willis, chief investment officer for Chatham, said in a statement the hotel "is experiencing strong demand growth from both corporate and leisure travelers." He also said business at the hotel should continue to grow.
The hotel is alongside, but separate from, the Rocky Mountain Tower office building, nicknamed by locals the Darth Vader building because of its resemblance to the “Star Wars” villain. The tower is sometimes mistaken for the hotel because it carries the hotel's nameplate.
The property was previously sold in January 2013 to DiNapoli Capital Partners and Rockwood Capital for $11.2 million.
The property, built in 1986, was originally known as the Giorgio.
Reported by: Denver Business Journal
