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Downtown Denver's Sheraton Hotel Sold

Joint Venture Purchases 1,200-Room Hotel with $91 Million Loan
October 8, 2018
Downtown Denver's largest hotel, Sheraton Denver Downtown, has been acquired by a joint venture for an undisclosed amount.

A joint venture said it has bought downtown Denver’s largest hotel from investment bank Goldman Sachs, in the latest high-profile sale in the area this year.

Atlanta's High Street Real Estate Partners and Eagle Four Partners, based in Newport Beach, California, acquired the Sheraton Denver Downtown, a 1,231-room hotel on Denver’s 16th Street Mall. The two entities created a venture called Denver HS-EF Court Place LLC to purchase the asset.

The hotel sits on land owned by Court Place Land LLC, an entity operated by AVR Real Estate Co. and David Werner Real Estate Investments in New York.

The deal closed Sept. 28, and no documentation reflecting the total purchase price of the property has been entered into the public record. However, a deed of trust filed in Denver County on Oct. 1 indicates that the team took out a loan for $91 million from CIT Bank N.A. Typically, a loan is used to pay a portion of the full sale price of an acquisition.

In addition to guest rooms, the Sheraton includes 133,000 square feet of meeting and event space. The hotel, at 1550 Court Place, was last purchased by Goldman Sachs in 2008 as part of a five-property portfolio deal worth $500 million.

"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," said Kory Kramer, partner with Eagle Four Partners, in a statement.

The joint venture said it is planning a "major renovation" for the hotel, including guestrooms and public spaces that is expected to coincide with Marriott International’s re-launch of the Sheraton Hotels and resorts brand, according to a statement.

"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, in a statement.

The sale is the latest high-profile hotel trade to occur in downtown Denver, just after the sale of the Brown Palace to a Fort Worth company for $125 million over the summer.

For the record:

Eric Tupler, Tony Malk and Tyler Dumon of HFF's investment advisory team represented the selling venture in negotiations.

Please see CoStar Comp #4537793 for more information on the transaction.

Molly Armbrister, Denver Market Reporter  CoStar Group   

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