Recent reports indicate that the Loews Denver Hotel has been sold. The hospitality property is set to continue operating under its current name until the end of next month, when it will be closed down temporarily and undergo extensive renovations and rebranding executed by the new owner.
Although details regarding the transaction have not been disclosed to the press, industry specialists place the total around $20 million, and speculations peg Hyatt as the new owner.
The 1986-built, four-diamond hotel rated by AAA will continue to accept reservations up to February 28. After that date, the hotel will be closed down for several months, only to be revealed under the name of its new owner.
Located at 4150 E. Mississippi Ave., the 11-story structure is in the immediate vicinity of the “Darth Vader” building, a nickname given to the Rocky Mountain Tower due to its black glass exterior. The hotel also houses the Tuscany restaurant.
The building was acquired by New York City-based Loews back in 1989 for $5 million, who then put the property up for sale in 2010. The property was also known as the Loews Giorgio Hotel for some time.
Loews officials mentioned that all hotel employees have been offered the opportunity to relocate to one of the other facilities the company has in the country, the nearest available spots being in Tucson, Ariz. The other resorts owned by Loews can support the Denver workforce, as the company’s other assets are reportedly doing well.
Image courtesy of dilos.com
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