The Residence Inn by Marriott, scheduled to open in March 2006, is being designed by Newman Cavender and Doane, an architectural firm specializing in commercial architecture and interior design, and built by Colorado-based Milender White Construction Co. Sage will manage it.
ING of the Netherlands is providing the construction and permanent financing, while about 55% of the cost is being raised in equity, says Walter Isenberg, president and chief executive officer of Sage.
"Downtown Denver truly needs a quality, nationally branded, extended stay hotel," Isenberg says. "Our decision to move forward on this project is driven by market needs. Guestroom demand in the Downtown area has grown significantly over the past decade, and the Residence Inn will serve this need."
Denver's Downtown has more than 5,300 hotel rooms in properties ranging from limited service hotels to high-end boutiques. Most of the Downtown guestrooms lack kitchens, and there is also a limited supply of one- and two-bedroom suites in the market, Isenberg notes. As a result, many extended stay consumers are lodging in corporate apartments outside the area, many of which do not provide hotel services, he says.
The Residence Inn by Marriott will be a U-shaped building with 228 guest suites and a 442-space parking garage. It will be built adjacent to the much more expensive Hotel Monaco, a Kimpton hotel. The rack rate at the Hotel Monaco is $269 per night, compared with $125 to $135 at the Residence Inn.
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