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Sheraton Denver Downtown Hotel, 1550 Court Place,
Downtown Denver, CO |
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| Eric Tupler |
DENVER, CO –– Holliday
Fenoglio Fowler, L.P. (HFF) announces the sale of the Sheraton Denver
Downtown Hotel, a 1,231-room, full-service hotel housed within a
1.9-million-square-foot mixed-use development in downtown Denver.
The
HFF team marketed the property on behalf of the seller, a partnership operated
by The Chartres Lodging Group, LLC.
A joint venture between High Street
Real Estate Partners and Eagle Four Real Estate Partners acquired the asset.
With its 1,231
rooms, Sheraton Denver Downtown Hotel is the largest hotel in Colorado by key
count.
The hotel comprises
the 22-story IM Pei Tower and an eight-story Plaza Building that houses 133,000
square feet of function space, including a 28,000-square-foot ballroom and 53
versatile meeting spaces; 31,915 square feet of retail space; a fitness center;
outdoor heated rooftop swimming pool with cabanas and lounges and views of the
Denver skyline; business center; and multiple food and beverage outlets,
including 16Mix Bar, Yard House, Hacienda Colorado, Peet’s Coffee & Tea,
Zoup! and the Sheraton Club Lounge.
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| Tony Malk |
Located at 1550
Court Place, Sheraton Denver Downtown Hotel is in the heart of downtown
Denver and along the 16th Street Pedestrian Mall, the most populous street in
the Denver region.
The hotel is within a two-mile radius of about 48
million square feet of office space; the Colorado Convention Center; sports
venues for MLB, NBA, NHL and NFL teams; award-winning cultural attractions; and
three college campuses.
The HFF
investment advisory team representing the seller included senior managing
director Eric Tupler, managing directors Tony Malk and Scott
Hall and associate Tyler Dumon.
“The sale of the
Sheraton demonstrates the continued growth of the downtown Denver hotel market
and the upside available for a new owner through renovation,” Tupler
said.
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| Scott Hall |
“We continue to
see strength in the hotel capital markets for well-located hotels such as the
Sheraton Denver that have a unique position in their respective submarkets,”
Malk added.
The Chartres Lodging
Group, LLC, is a hotel investment and asset management company with a long
track record of achieving above-market investment returns.
Chartres
Lodging focuses on creating value in every one of its projects, setting itself
apart with an entrepreneurial and creative culture that maintains the focus and
professionalism of more institutional hospitality asset management
companies.
Employing a team with more than 100 years of combined
experience in the hospitality industry and with team members directly invested
in approximately 80 percent of the current portfolio, The Chartres Lodging
Group is an owner and investment partner that gets results. Learn more at http://www.chartreslodging.com.
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| Tyler Dumon |
High Street Real
Estate Partners (formerly known as Five Star Realty Partners) is a real estate
investment firm founded in 2006 by managing members William Hodges and Mark
Elliott that focuses on high quality hotel and multifamily properties in urban
in-fill and resort communities nationwide.
With over 30 years of experience
in the hospitality industry, High Street’s management team currently owns or
operates over $650 million of assets
Founded in 1996, Eagle
Four Partners ("Eagle Four") is a Newport Beach, CA-based private
equity group specializing in strategic real estate investments in hospitality,
golf, and lifestyle residential assets.
With a seasoned management team,
Eagle Four has extensive hotel operating and repositioning experience.
Since its inception, Eagle Four has participated as the lead equity investor in
more than $2 billion of real estate transactions including the purchase,
renovation, repositioning, and disposition of Bacara Resort in Santa Barbara.
Eagle Four’s current asset portfolio consists of independent resorts such as
Balboa Bay Resort in Newport Beach, Paséa Hotel & Spa in Huntington Beach,
Estancia La Jolla, Meritage Resort & Spa in Napa and Ko’a Kea Resort in
Kauai along with Newport Beach Country Club. Eagle Four's branded
properties include AC Hotel New Orleans, AC Hotel Tempe and AC Hotel Irvine
along with other branded hotels in California.
CONTACTS:
ERIC TUPLER
HFF Senior Managing Director
(303) 515-8000
TONY MALK
HFF Managing Director
(310) 407-2100
SCOTT HALL
HFF Managing Director
(858) 552-7690
KIMBERLY STEELE
HFF Digital
Content/Public Relations Specialist
(713) 852-3420
