ASAP is pleased to announce it has arranged the purchase of the 263-guestroom, full-service, first-class Sheraton Denver Tech Center (in Greenwood Village, suburban Denver). As a full-service hotel, other property facilities include over 12,000 sf of function space, restaurant/lounge, fitness center and outdoor pool.
The selling investment group consisted of funds affiliated with Varde Partners, Inc. (www.varde.com), a global alternative investment firm; Waramaug (www.waramaughospitality.com), a Florida based investor and Interstate Hotels (www.interstatehotels.com). Paul Nussbaum (CEO – Waramaug) commented, “We are very pleased to bring what was our first investment property with Varde and Interstate to a highly successful end result.”
The hotel was and will continue to be operated by Interstate Hotels & Resorts.
The hotel was acquired by a related entity to ASAP Holdings. Frank Yuan (CEO – ASAP), stated “We are excited to acquire this hotel in a growing submarket of Southeast Denver. We were impressed by the growth surrounding the hotel, the quality of the asset and the strength of the Sheraton brand. This hotel was in line with our strategy of purchasing cash flowing assets in growth markets and we look forward to additional acquisitions in the year ahead.”
Reflecting on the transaction, HREC broker Mike Dube stated, “This was a very competitive process asDenver, and especially the Denver Tech Center submarket, continues to see fantastic growth in the key fundamentals. The recent renovations completed by prior ownership should allow new ownership to capitalize on both increased occupancy and ADR for great success in the very near term and beyond.”
“The sale of the Sheraton Denver Tech Center illustrates HREC‘s ability to creatively navigate the turbulent waters of a busy transactional arena and garner premium investor interest for our exclusive listings,” further commented HREC‘s Mike Cahill.