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| The Ritz-Carlton, Denver, Downtown Denver, CO |
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| Eric Tupler |
DENVER, CO – HFF announced today that it has arranged $51
million in financing for The Ritz-Carlton, Denver, a 202-room, luxury
hotel in downtown Denver, Colorado.
HFF
worked exclusively on behalf of the borrower, Pearlmark Real Estate Partners,
to secure the three-year, floating rate loan through a joint origination effort
by Annaly Commercial Real Estate Group, Inc.
and Principal Real Estate Investors.
Proceeds from the
loan will be used to refinance an existing loan facility. The Ritz-Carlton Hotel Company, L.L.C. of
Chevy Chase, Maryland will remain as manager of the property.
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| John Bourret |
Originally completed in 1983, the building underwent a
complete renovation and opened as The Ritz-Carlton, Denver in January
2008.
The hotel occupies the first 14 floors of a 37-story tower,
with the Apartments at Denver Place and the Residence XXV condominiums (not
part of this transaction) occupying the upper levels.
Hotel amenities
include Elway’s Restaurant, 12,000 square feet of meeting space, a
full-service spa and business center, as well as guest access and use of the
FORZA Fitness and Performance Club with saltwater lap pool and full-size
basketball court.
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| Josh Simon |
The hotel is located
on 0.5 acres and is bordered by 18th Street, 19th Street, Arapahoe Street and
Curtis Street in downtown Denver’s Financial District. The property is the only AAA Five
Diamond-rated hotel in the city.
The
HFF team representing the borrower was led by senior managing director Eric
Tupler, managing director John Bourret, director Josh Simon
and real estate analyst Matt Gangaware.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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