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, Peets Coffee & Tea, Zoup! and the Sheraton Club Lounge. 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.
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.
About The Chartres Lodging Group, LLC
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.
About High Street Real Estate Partners
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 Streets management team currently owns or operates over $650 million of assets across the country.
About Eagle Four Partners
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 Fours current asset portfolio consists of independent resorts such as Balboa Bay Resort in Newport Beach, Pasa Hotel & Spa in Huntington Beach, Estancia La Jolla, Meritage Resort & Spa in Napa and Koa 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.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
Eric Tupler, (303) 515-8000
Malk, (310) 407-2100
HFF Managing Director
Hall, (858) 552-7690
HFF Managing Director
Steele, (713) 852-3420
HFF Digital Content/Public Relations