The new owner will invest several million dollars in a renovation of the hotel near Interstate 25 and Arapahoe Road, Cahill says. "The sale was part of Starwood's global strategy to sell $500 million in hotels," Cahill tells GlobeSt.com. "I think this was a good price for the seller and a good price for the buyer. It was a true win-win. The buyer will benefit from the recovering hotel market. They'll be very well positioned for the upturn."
He says the name of the hotel, which originally was built in 1985 and bought by Starwood in 1997, will remain the same. "From the guest perspective, it will be as nothing has changed," he tells GlobeSt.com.
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