Xenia Sells Residence Inn in $92M Deal
- Dec 26, 2018
Noble Investment Group has acquired The Residence Inn by Marriott Denver City Center, a 228-key hotel resort in Downtown Denver, from Xenia Hotels & Resorts, Inc., for $92 million.
“We are pleased to acquire this premium-branded, urban hotel development in a market that possesses a variety of deep and stable demand generators and a strong long-term growth trajectory,” said Noble Principal Ben Brunt, in a prepared statement.
The hotel offers contemporary studios, and 1- to 2-bedroom suites complete with kitchens, free WiFi, flat-screen TVs, as well as desks and pull-out sofas. Upgraded suites contain separate living rooms.
A Thriving Scene for Business or Pleasure
Located at 1725 Champa St., The Residence Inn by Marriott Denver City Center is adjacent to the 16th Street Pedestrian Mall, which connects to the popular Union Station hub that offers direct-rail connection to Denver International Airport.
The hotel is situated in the heart of more than 300 restaurants and is close by the Colorado Convention Center, the Pepsi Center and the Denver Performing Arts Center. It’s also less than 15 minutes from three major sports stadiums and a variety of art and history museums.
According to Noble Investment Group research, Downtown Denver is thriving, thanks to strong hotel demand, more than 25 million square feet of Class A office space, a highly dense residential population and more than 45,000 college students nearby.
Forbes named the city one of its Best Places for Business and Careers with one of the highest wages and lowest unemployment rates in the United States.
A Busy Year
With the sale, Xenia’s portfolio is now made up of 40 hotels comprising 11,165 rooms across 17 states, including 12 luxury hotels or resorts. Over the past year, it has completed approximately $800 million of transactions, which includes four purchases totaling $361 million.
Those include The Ritz-Carlton, Denver; Fairmont Pittsburgh; Park Hyatt Aviara Resort, Golf Club & Spa near San Diego; and Waldorf Astoria Atlanta Buckhead.
“While we view Denver as a core market for the company, our recent acquisition of The Ritz-Carlton allowed us to further reduce our select-service holdings through the sale of this hotel,” Marcel Verbaas, Xenia’s chairman & CEO, said. “We are excited to be able to maintain our exposure in a strong and dynamic lodging market through the ownership of The Ritz-Carlton, a true luxury asset, and our recently renovated Hotel Monaco, a high-quality upper upscale lifestyle hotel, both of which are closely aligned with our long-term investment strategy.”
Photo courtesy of Noble Investment Group