Atlanta-based Peachtree Group has acquired the 180-room Hilton Garden Inn Denver Tech Center. Peachtree’s hospitality management team will operate the property. The financial terms of the transactions were not disclosed.
“We are excited to acquire this premium-branded hotel in a growing submarket with a variety of diverse and stable demand generators,” said Michael Bernath, Peachtree’s senior vice president of acquisitions. “The Denver economy is well diversified, with the city gaining recognition as a burgeoning tech hub. We believe the expansion of the R-Line, increased connectivity of the area, and the completion of the transformative Bellview Station development will continue to make the Denver Tech Center an attractive destination for consumers and corporations alike.”
The seven-story hotel was last renovated in 2014. Peachtree will make substantial investments in the property, with comprehensive upgrades and enhancements to the entirety of the property, including the exterior, lobby area, bar and lounge, meeting rooms, guestrooms, guest baths, corridors, elevators and stairwells.
“Upon renovation, the hotel will be the newest renovated property in the area and will be positioned to command a significant premium in daily rates,” Bernath said.
The hotel is ideally located in the heart of the Denver Tech Center, one of the Denver MSA’s prominent employment hubs and the largest office submarket outside of the Central Business District, with 8.8 million square feet of Class-A space. The area is situated near the intersection of Interstate 25 and Interstate 225, providing direct access to the Denver CBD and Denver International Airport.
The hotel further benefits from its proximity to the under-development Belleview Station, a 50+ acre, transit-oriented, mixed-use development. Upon completion, Bellview Station will comprise 2.2 million square feet of Class-A office, 300,000 square feet of retail; 1,800 high-end residential units and 5.0+ acres of green space. Prominent area employers include Comcast, Oracle, Microsoft, Zoom, Charles Schwab, Fidelity Investments, Newmont Mining and Western Union. The Bellview RTD light rail station provides direct commuter access to Union Station and Denver International Airport.
The Hilton Garden Inn Denver Tech Center marks Peachtree’s second hotel in Denver, following its ownership of the Element Denver Park Meadows in Lone Tree.
Peachtree Group is an investment firm driving growth with a diverse portfolio of commercial real estate assets and other ventures. The company has executed hundreds of investments since its inception, focusing on real estate acquisition, development and lending valued at almost $9.7 billion in total market capitalization. Today, Peachtree manages over $3.4 billion in capital, augmented by services designed to protect, support and grow its investments.
