BrokerageHospitality

Texas-Based Crescent Real Estate Purchases Denver’s Brown Palace Hotel

DENVERCrescent Real Estate LLC has purchased Denver’s iconic 241-room Brown Palace Hotel and Spa, as well as the adjacent 231-room Holiday Inn Express that is part of the Brown Palace hotel complex for $125 million, according to Denver County deed records.

Crescent has plans for significant capital investments and service upgrades to enhance the customer experience and operations at the Brown Palace and Holiday Inn Express including renovations to the top two floors at the Brown Palace known as “Top of the Brown.”

The Brown Palace, which opened in 1892 is also home to 19,900 square feet of meeting space, including a 5,800-square-foot ballroom along with a full-service spa and salon and a flower shop. The Brown Palace has a long-standing tradition of afternoon tea in its famed lobby and is one of only a few Denver hotels to receive both the Forbes Four-Star and AAA Four-Diamond awards.

Crescent has engaged HEI Hotels & Resorts, a nationally recognized hotel management firm with extensive experience managing luxury and full-service hotels including numerous Autograph Collection properties.

“Acquiring the Brown Palace Hotel and Spa is another rare opportunity to own and operate a timeless and iconic hotel asset in a robust market for tourism and commercial business, Downtown Denver,” said Conrad Suszynski, Co-CEO of Crescent.

The 22-story Holiday Inn Express completes the Brown Palace hotel complex. With a pedestrian sky bridge, Holiday Inn Express guests conveniently access restaurant hospitality and meeting space amenities at the Brown Palace Hotel and Spa. The Holiday Inn Express has 22 suites and 1,287 square feet of contemporary meeting space on-site and convenient access to the meeting space at the Brown Palace.

Crescent used its GP Invitation Fund I to purchase the Brown Palace Hotel and Spa and Holiday Inn Express.

“Denver’s lodging market is robust as it has out-paced both the Top 25 markets and national average over the last 5 years. We believe future demand is fueled by exceptional employment and visitor growth which makes the Brown Palace hotel complex an exciting investment for Crescent,” added Suszynski.

Photo courtesy of Wikipedia

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