Inland American Lodging Group Acquires 228-room Residence Inn Denver City Center for $80 Million
By Gabriel Circiog, Associate Editor
Inland American Lodging Group recently announced that it has acquired the 14-story Residence Inn by Marriott Denver City Center and the adjoining 448-space parking garage for a purchase price of $80 million. Located on Champa Street in downtown Denver, the Residence Inn Denver City Center is close to the 16th Street Mall and the Colorado Convention Center. The hotel features 228 guest rooms, 1,740 square feet of meeting space, a large lobby and a 448-space parking garage located within the building.
“We are very pleased to be adding this high-quality asset to our portfolio,” said Marcel Verbaas, president and CEO of Inland American Lodging Advisor Inc. “With its excellent location in the downtown Denver market, we believe the hotel is well positioned to continue its strong operational performance. This acquisition aligns perfectly with our strategic objective to grow our portfolio by adding well located upper-upscale and urban upscale hotels.”
Sage Hospitality will continue to manage the property and will also manage Inland American Lodging Group’s 275-room Napa Valley Marriott Hotel & Spa in Napa, Calif. “We look forward to working with Sage to continue to maximize profitability at the hotel and take full advantage of the positive dynamics in the Denver market,” said Verbaas.
Inland American Lodging Group Inc. is a wholly owned subsidiary of Inland American Real Estate Trust Inc., which focuses on acquiring and developing a varied portfolio of commercial real estate in the United States. As of year-end 2012 Inland American owned, directly or indirectly through joint ventures in which it has a controlling interest, 794 properties representing approximately 46 million square feet of retail, industrial and office properties; 5,311 conventional multifamily units; 5,212 student housing beds; and 16,345 lodging rooms.
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Photo Courtesy of: www.marriott.comTags: operations, property management