HFF Announces the Sale of Sheraton Denver Downtown Hotel
October 16, 2018
DENVER–(BUSINESS WIRE)–$hf #CRE–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,
Peet’s 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 Street’s 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 Four’s current
asset portfolio consists of independent resorts such as Balboa Bay
Resort in Newport Beach, Paséa Hotel & Spa in Huntington Beach, Estancia
La Jolla, Meritage Resort & Spa in Napa and Ko’a 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.
About HFF
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.
Contacts
HFF
Eric Tupler, (303) 515-8000
HFF Senior
Managing Director
etupler@hfflp.com
or
Tony
Malk, (310) 407-2100
HFF Managing Director
tmalk@hfflp.com
or
Scott
Hall, (858) 552-7690
HFF Managing Director
shall@hfflp.com
or
Kimberly
Steele, (713) 852-3420
HFF Digital Content/Public Relations
Specialist
ksteele@hfflp.com