Denver HS-EF Court Place, LLC, a joint venture between Atlanta-based High Street Real Estate Partners and Eagle Four Partners of Newport Beach, California, has acquired the Sheraton Denver Downtown Hotel, the largest hotel in Colorado.
Located on the 16th Street Mall, in the heart of Denver’s financial and business district, Sheraton Denver Downtown consists of 1,231 guest rooms and suites, 133,000 square feet of flexible event meeting room space and a “responsibly sourced” food and beverage program. Hotel Amenities include a heated rooftop pool, a full fitness center and several on-site restaurants.
“We are thrilled to be the new owners of Sheraton Denver Downtown and look forward to being an integral part of the downtown community,” said Kory Kramer, partner with Eagle Four Partners. “Our investment strategy is opportunistic, seeking hotel assets in top-tier markets with excellent locations and long-term growth potential generating strong and consistent returns.”
The price was not disclosed.
“Our low basis acquisition coupled with our substantial renovation plan will continue to position the Sheraton as Denver’s trophy group meeting and events hotel, benefitting from a close proximity to the convention center in one of the nation’s hottest markets,” said Justin Wilson, president of High Street Real Estate Partners.
The new ownership group is developing a major renovation plan for the hotel including both guest rooms and public space to coincide with Marriott International’s relaunch of the Sheraton Hotels and Resorts brand, the third-largest brand in its portfolio. In addition, they will work closely with the hotel team to continue to position the property as the best place to stay in downtown Denver.
“We look forward to working with our new ownership in renovating the physical property and continuing to establish Sheraton Denver Downtown as one the premier hotels for business and leisure guests in the Mile High City,” said Tony Dunn, general manager of Sheraton Denver Downtown Hotel.
The purchase of Sheraton Denver Downtown Hotel was brokered by HFF. Hodges Ward Elliott provided buyer financing advisory services.