GREENWOOD VILLAGE, CO—The 263-guestroom, full-service hotel operated as Sheraton Denver Tech Center has been sold.
HREC Investment Advisors arranged for the seller. The selling investment group consisted of funds affiliated with Varde Partners, Inc., a global alternative investment firm; Waramaug, a Florida based investor and Interstate Hotels. The HREC Team on the transaction included Mike Dube (VP - Denver), Geoff Davis, president and senior principal, NYC, and Mike Cahill CEO and founder, Denver.
“We are very pleased to bring what was our first investment property with Varde and Interstate to a highly successful end result," said Paul Nussbaum, CEO of Waramaug.
The hotel was and will continue to be operated by Interstate Hotels & Resorts.
As a full-service hotel, other property facilities include over 12,000 sf of function space, restaurant/lounge, fitness center and outdoor pool.
The hotel was acquired by a related entity to ASAP Holdings. Frank Yuan CEO, ASAP, stated, "we are excited to acquire this hotel in a growing submarket of Southeast Denver. We were impressed by the growth surrounding the hotel, the quality of the asset and the strength of the Sheraton brand. This hotel was in line with our strategy of purchasing cash flowing assets in growth markets and we look forward to additional acquisitions in the year ahead."
Reflecting on the transaction, HREC broker Dube stated, "This was a very competitive process as Denver, and especially the Denver Tech Center submarket, continues to see fantastic growth in the key fundamentals. The recent renovations completed by prior ownership should allow new ownership to capitalize on both increased occupancy and ADR for great success in the very near term and beyond."
"The sale of the Sheraton Denver Tech Center illustrates HREC's ability to creatively navigate the turbulent waters of a busy transactional arena and garner premium investor interest for our exclusive listings,"said HREC's Cahill.
HREC is a leading lodging and gaming real estate advisory firm specializing in property sales, mortgage brokerage, equity/JV structuring, consulting (market studies and appraisals), and litigation support.
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