Although Biederman isn't talking--other than to say that no deal has been signed with a hotel operator--many think he and his team have the best chance of landing Ritz-Carlton. About a month ago, Biederman, with partners Steve Roitman and Jim Cobb, paid about $77.75 million for the 367-suite Embassy Suites hotel at 1881 Curtis St., the 193-unit Apartments at Denver Place above the hotel and the 50,000-sf Athletic Cub at Denver Place. Roitman, who owns an oil and gas company in Denver, is also one of Biederman's partners on the JW Marriott. Cobb, formerly with LJ Melody, joined Roitman's oil company, BWAB Inc.

Since the purchase, real estate officials have been talking about the deal with officials. One developer even tells GlobeSt.com that Four Season officials were recently in Denver talking about the deal.

Sources say that if a deal is consummated, it likely will mean fewer hotel rooms, not more. That's because Ritz, which is owned by Marriott International, will likely want fewer, but more luxurious hotel rooms. The hotel also will likely require a new ballroom and new restaurants, sources say.

Vivian Deuschl, spokeswoman for the Ritz-Carlton Hotel Co., based in Chevy Chase, MD, says that no contract has been signed. And until a something is signed there is no deal--although she says that doesn't mean it won't happen.

In addition to the Ritz conversion, the trio is expected to sell the apartments. As an exit strategy, the new owner could very well convert the apartments into condos. A three-bedroom apartment unit in the building rents for $3,525 a month. Prices have not been set for the condos, but experts estimate they would sell for between about $350 and $400 per sf. "If they priced them at $350," one developer tells GlobeSt.com, "They could sell them all day long."