NEW YORK—Carey Watermark Investors 2 (CWI 2) has purchased the Embassy Suites by Hilton Denver – Downtown/Convention Center, a 403-suite, full-service hotel located in Denver.
Michael Medzigian, CEO of CWI 2, said, “The acquisition of the Embassy Suites by Hilton Denver – Downtown/Convention Center allowed us to add a well-located, institutional-quality, full-service property in a strong market to the CWI 2 portfolio. Given the historical strength of the Denver market, as well as the development pipeline for office, residential and retail uses, we are confident that Denver will continue to be one of the country’s leaders in terms of RevPAR growth. Additionally, we believe many factors will enable the hotel to maintain its position as a top performer among full-service properties in downtown Denver, thereby providing attractive risk-adjusted returns for our investors.”
The Embassy Suites by Hilton Denver – Downtown/Convention Center hotel, which opened in December 2010, is a 17-story property. It features a 14-story glass “sky curtain” that showcases an open-air atrium and fills the hotel with natural light. The property was the first LEED Silver certified hotel to open in Denver and the first in the Embassy Suites system. CWI 2 plans to complete a guestroom soft goods renovation starting in the winter of 2016.
The Embassy Suites by Hilton brand offers two-room suites, free made-to-order breakfast and a nightly two-hour reception with complimentary drinks and snacks. Additional brand standard amenities include 24-hour business and fitness centers. The hotel also has 26,000 sq. ft. of meeting space; a full-service American-style restaurant and bar; a leased restaurant located at the street level; Starbucks café; indoor swimming pool; and a three-level subterranean parking garage with 185 spaces.
The hotel is located directly across the street from the Colorado Convention Center and in close proximity to Denver’s downtown financial, cultural and convention districts. In addition to the convention center, the hotel is located near professional sports venues, shops, restaurants and cultural attractions, and is adjacent to a light rail station.
According to the company, the Denver lodging market remains vibrant with a significant corporate base, strong convention business and a number of major downtown commercial, retail and residential development projects in the pipeline, currently totaling $1.5 billion. From 1987 to 2014, the Denver lodging market ranked in the top five U.S. markets on a RevPAR growth basis.
Denver-based Sage Hospitality will continue to manage the hotel.