Properties Trade Hands in Denver
- Jul 28, 2011
One of the larger real estate deals perfected in Denver in took place recently, with the sale of the Courtyard Denver Downtown. The hotel was acquired by Bethesda-based DiamondRock Hospitality as shown by the company’s financial report for Q2. The former owner, Sage Hospitality Resources, will continue to operate the facility, according to a Denver Business Journal story. The hotel was just re-opened in April after Sage commissioned SERA Architects for a $2 million renovation job. Diamond Rock is no stranger to the Denver hospitality scene, having already acquired the JW Marriott Denver Cherry Creek in a $72.6 million deal.
The 177-room hotel traded hands for $46 million which the buyer funded by drawing $15 million on its credit facility. An additional $27.2 million was obtained by the assumption of a mortgage. DiamondRock currently owns 26 hotels in North America. The 85,000-square-foot building had been purchased by Sage back in 2004 for the amount of $16.8 million.
A 297-unit luxury apartment complex in Broomfield is now under new ownership after being bought by Invesco Immobilien Fonds IV US from The Spanos Corp. The Dallas-based firm paid $53.4 million to become the new owner of the 2009-built complex. The Texan company reportedly raised $120 million from four German institutional investors to be used in real estate purchases according to real estate research website I&P Real Estate.
Other significant deals in Denver were the purchase of the 142-unit complex near Rose Medical Center by Cardinal Investments LLC for $7.1 million. The five buildings that form the residential complex are located at 820, 880 and 890 Dexter St. and 805 and 825 Dahlia St. Pinnacle Real Estate Advisors handled the deal on both the part of the seller and that of the buyer.