Avison Young has completed the $8.25 million sale of Ascent on Main, a 51-key boutique hotel located at 18595 Mainstreet in Parker.
Avison Young Principal Chris Kilcullen represented the seller, Independent Bank who oversaw the property which was in receivership. Keen-Summit Capital Partners, a real estate brokerage and workout firm and an investment banking firm specializing in special situations, restructurings, and bankruptcies, was also part of the marketing process in conjunction with Avison Young. The buyer, Eagle Point Hotel Partners, was self-represented.
Ascent on Main opened its doors in late 2019. The four-story hotel is situated on 1.64 acres and includes 51 luxury rooms, meeting rooms, an open-air promenade, and three food and beverage outlets. Along with the hotel food and beverage operations, there are pedestrian-friendly, retail spaces surrounding the hotel. Additionally, there are planned residential and retail developments including a movie theatre across the courtyard as part of a master-planned development that will add to the vibrancy of the local area and success of the retail and dining spaces as projects complete. Shea Meriden Office Park, a 1,600-acre project that features 3.5 million feet of office space and 2,500 homes, is located three miles to the west of the property, providing significant demand for the hotel.
“After an extensive marketing process, Eagle Point Hotel Partners stood out as the perfect owner for this asset. The firm is a highly experienced boutique operator with creative solutions to challenges that have held this property from meeting its full potential. The ownership plans to invigorate the food and beverage component, enhance the already upscale rooms, and create an experiential environment for travelers in this ever-expanding market,” said Kilcullen.
“Working with Chris Kilcullen at Avison Young has been a pleasure,” said Stephen Chan, co-founder of Eagle Point Hotel Partners. “The City of Parker is a rapidly growing and affluent suburb of Denver. We are pleased to have acquired this property at a significant discount to replacement cost. It is in great condition and has much potential. This acquisition fits with Eagle Point Hotel Partners’ value-added strategy of acquiring boutique independent hotels in high barriers to entry markets at a discount to replacement cost. We are eager to work with the property team to reposition the hotel for success in its next chapter.”
Kilcullen added, “The Colorado hotel market continues to expand, and the City of Parker is no exception. Guests from around the world travel to Colorado to experience the outdoors and everything else the state has to offer. Additionally, with the recent 30% gate expansion of Denver International Airport, the region is poised to continue this growth.”
Avison Young is a 2023 winner of the Canada’s Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 12 consecutive years.