Denver Hotel Sells for $11M
DENVER — It was announced today that Denver’s Best Inn & Suites, a 190-room hospitality property has sold for $11,000,000.
Joshua S. Tammen and Gordon Allred, hospitality investment specialists in Marcus & Millichap’s Phoenix and Ontario offices, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured by Dustin Robinett, Chris Gomes and Allan Miller, hospitality investment specialists in Marcus & Millichap’s offices located respectively in Austin, Dallas, and Kansas City. Bob Kaplan is the firm’s broker of record in Colorado.
The hotel is a five-story limited service hotel located eight miles from downtown Denver. It consists of 190 interior corridor rooms with excellent visibility from Interstate 70. Amenities include a heated indoor pool and spa, fitness center, complimentary breakfast buffet and guest laundry facilities. Business amenities include a business center and 2,136 square feet of meeting space.
The buyer intends to renovate and convert to a branded hotel.
It was also announced this week that the sale of Denver’s historic Brown Palace Hotel is expected to close in June. The price was not disclosed.
According to the Denver Business Journal, HEI Hotels & Resorts will take over management of the hotel in June. The iconic hotel will remain a Marriott-branded property, as well as an Autograph Collection hotel. Crescent Real Estate Holdings LLC of Dallas is reported to be the buyer though a purchase has not been finalized.