Crow Holdings Capital Partners Acquires the Historic Brown Palace Hotel Portfolio
- Mar 24, 2014
Crow Holdings Capital Partners recently announced that its Crow Holdings Fund VI has completed the purchase of Brown Palace.
The transaction includes the Brown Palace Hotel & Spa, as well as the adjacent Comfort Inn Downtown Denver, with a total of 472 guest rooms, 22,100 square feet of meeting space and five food and beverage venues.
Located at 321 17th Street in downtown Denver, the historic Brown Palace Hotel and Spa was built in 1892. It is the only downtown Denver hotel to receive the Forbes Four-Star and AAA Four-Diamond awards for over 30 consecutive years. The hotel features numerous amenities including a bar/lounge, restaurant, fitness center and business center.
The hotel will continue to be managed by an affiliate of Quorum Hotel Advisors, the property manager since 1987.
Talking about the acquisition, Diane Parmerlee, Crow Holdings Capital’s director of hotel investments, says: “We are pleased to add this landmark establishment to our Fund VI portfolio. The Brown Palace Hotel is well-aligned with Crow Holdings Capital’s hotel investment strategy, which is focused on upscale assets with strong underlying fundamentals.”
The Dallas-based asset fund manager, since 1998, has managed six private equity real estate funds with equity capital from these funds totaling approximately $4.1 billion. Fund VI is the largest fund, closing with capital commitments of $1.067 billion in August 2013. As of December 31, 2013 the real estate funds have acquired or developed over $12 billion in assets.
Image Courtesy of: www.brownpalace.com