A Denver group paid $16.9 million for the Homewood Suites by Hilton Boulder, while an institutional investor picked up four other hotels in deals totaling $45.82 million.
“It was an opportunity to buy in a heavily constrained and high-barrier-to-entry market in Boulder, which we love,” said Geoff Baukol, Brue Baukol president and partner. “In addition to that, we are buying it with a very strong partner, Sage Hospitality, so the combination has us very excited about the opportunity,” he said.
There was a high level of investor activity for the hotel, which was built in 1991 and is managed by Sage, according to Larry Kaplan, senior vice president in hotel brokerage and investment sales in CBRE’s Denver office. Kaplan handled the sale with Mark Darrington, also of CBRE Hotels.
“Boulder is considered an extremely attractive market for hotels and commercial real estate in general,” said Kaplan, who added that hotels in the greater Denver area generally are sought after.
“This is the fifth hotel that our team has sold in the Denver metro area this year, and hotel activity remains very strong. The Denver metro area continues to be seen as a very attractive hotel market for local and national investors.”
Boulder County records show the seller was BRE Newton Hotels Property Owner LP, a Blackstone Real Estate affiliate.
In other transactions, Maryland-based RLJ Lodging Trust sold a cluster of three hotels in Longmont, along with a hotel in the Denver Tech Center, to a Blackstone Real Estate Income Trust subsidiary, according to public records.
The Residence Inn by Marriott Boulder Longmont, which features 84 rooms with kitchens, sold for $11.91 million. Located at 1450 Dry Creek Road, the hotel features an indoor pool, spa tub and fitness facility.
Also in Longmont, RLJ sold the 90-suite SpringHill Suites Boulder Marriott at 1470 Dry Creek for $10.2 million and the Courtyard by Marriott Boulder Longmont at 1410 Dry Creek for $9.29 million. The Courtyard has 75 rooms and three suites.
Another hotel that traded between the two parties was the Hampton Inn & Suites Denver Tech Center, a 123-room hotel at 5001 S. Ulster St. in Denver. The recorded price was $14.42 million.