Sheraton Denver Tech Center sold, slated for $6M renovation

Interstate Hotels & Resorts said Thursday it has joined in a joint venture to buy the Sheraton Denver Tech Center and plans a $5.75 million renovation for the property.

The 262-room hotel is at 7007 S. Clinton St. in Greenwood Village, near Interstate 25 and Arapahoe Road.

Terms and the seller were not disclosed.

Arlington, Va.-based Interstate Hotels & Resorts, a hotel management company, said it formed a joint venture with Waramaug Hospitality LLC and an unnamed investment management company to acquire the Sheraton, with Interstate as manager.

The hotel will continue to use the Sheraton brand, Interstate said.

“This is the only Sheraton-branded hotel in the high-density Denver Tech Center area, and we will use that to our advantage,” Thomas F. Hewitt, Interstate’s chairman and CEO, said in a statement. “The Denver hotel market is in recovery mode, and we believe our marketing expertise, economies of scale and proprietary systems will allow us to quickly gain market share.”

The hotel property includes offers 10,500 square feet of meeting space and outdoor swimming pool, business center, exercise room, gift shop and club-level guest lounge, as well as the Redfire Restaurant & Lounge.

Interstate itself is owned by a joint venture between subsidiaries of Thayer Lodging and Jin Jiang, It owns or manages 311 properties in 39 states, the District of Columbia, China, Russia, India, Mexico, Belgium, Canada, Ireland and the United Kingdom.

• In another recent big-ticket real estate transaction in the Denver area, Baron Properties, a Colorado based real estate investor and developer, said it was acquired Remington West Apartments in Westminster for $30.25 million.

The seller was Sentinel Real Estate Corp. The property was previously listed at $32 million in Sentinel sales materials.

The 12-building, 264-unit Remington West complex, located at 6969 W. 90th Ave., was built in 1996.

“We are committed to expanding our multifamily portfolio in Denver and continuing to grow our holdings in our other core markets — Phoenix, Houston, Dallas and Las Vegas,” T.J. Tarbell, a principal with Baron, said in a statement. “Our current investment plan includes the acquisition of an additional 3,000 units in our core markets over the next 12 months.”

Greenwood Village-based Baron Properties, founded in 1997, operates 27 apartment properties in Colorado, Texas and Arizona.

Reported by:  Denver Business Journal