HFF Secures Refi for The Ritz-Carlton, Denver
- Apr 08, 2016
By Ioana Neamt
Denver—HFF has managed to secure a $55.1 million refinancing loan for the 202-key Ritz-Carlton, Denver. Working on behalf of Chicago-based borrower Pearlmark, HFF placed the floating-rate loan with the Canadian Imperial Bank of Commerce, with loan proceeds used to refinance an existing loan on the asset.
Located at 1881 Curtis St. within walking distance of Denver Union Station, the Colorado Convention Center, Coors Field, Pepsi Center and Sports Authority at Mile High, The Ritz-Carlton, Denver is a full-service, AAA Five-Diamond award-winning, luxury hotel that opened in 2008. The property underwent $9.3 million worth of capital improvements between 2013 and 2015, and features 12,383 square feet of meeting and event space, a renovated fitness center with adjacent salon, The Ritz-Carlton Spa, and the award-winning Elway’s Restaurant. Additionally, the hotel offers access to the adjacent TruFit Athletic club with a lap pool, Olympic weights and an indoor climbing wall.
An HFF team led by Senior Managing Director Eric Tupler, Senior Managing Director & head of the company’s hotel group Dan Peek, and Managing Director John Bourret represented the borrower in the negotiations.