Embassy Suites sets record price per key

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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.”

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