Embassy Suites sets record price per key

CWI 2 acquired the Embassy Suites Denver - Downtown/Convention Center hotel, an institutional-quality, full-service property with 403 suites situated in one of the top five U.S. lodging markets by RevPAR growth. (PRNewsFoto/Carey Watermark Investors 2) CWI 2 acquired the Embassy Suites Denver – Downtown/Convention Center hotel, an institutional-quality, full-service property with 403 suites situated in one of the top five U.S. lodging markets by RevPAR growth. (PRNewsFoto/Carey Watermark Investors 2)[/caption]

The Embassy Suites by Hilton hotel across from the Colorado Convention Center eclipsed Denver’s previous record price per key with its sale to a New York-based real estate investment trust, according to public records.

Carey Watermark Investors 2 paid $170 million – or a record $421,836 per key – for the 403-suite hotel at 1420 Stout St. That beats the previous record set by the JW Marriott in Cherry Creek, which drew $370,408 per key in May 2011.

“It really is a landmark, benchmark sale,” said Mike Cahill, founder and CEO of HREC-Hospitality Real Estate Counselors, who was not involved in the sale. “It’s the highest price per key, if those numbers are correct, in Denver history.”

Jill Jamieson-Nichols has been an Editor with the Colorado Real Estate Journal for more than 15 years, providing coverage of office, industrial, hospitality and mixed-use development news in the Denver metro area, plus all property types in Northern Colorado, Boulder County and along the Highway 36 corridor. Prior to joining CREJ, Jill was Editor of…