News Source: businessden.com
Dual-brand hotel downtown sells for $87M
News Source/Courtesy: businessden.com

Courtesy: Thomas Gounley | News Source: businessden.com

Denver’s first dual-brand hotel has sold.

Atlanta-based Noble Investment Group, acting as NF IV-I Denver CC LLC, purchased the Homewood Suites and Hampton Inn building at 550 15th St. last week, according to public records.

Noble did not respond to a request for comment. 

The records associated with the real estate transfer show the sale price was at least $86.6 million, or $287,755 a room, for the 302-unit property. Hotel sales typically involve a personal property component that isn’t always reflected in the figure that appears in public records.

Carey Watermark Investors Inc., which purchased the hotel in June 2014 for $81.5 million, sold the property, records show. The firm still owns the 403-room Embassy Suites at 1420 Stout St., which it bought in 2015. 

It’s the second downtown hotel for Noble, which paid $92 million late last year for the Residence Inn at 1725 Champa St.

The 12-story dual-brand hotel at 550 15th St. was developed by Denver-based hotelier Stonebridge Cos. out of a former Xcel Energy office building, which the hotelier bought in 2011 for $9.4 million. 

The hotel opened in April 2013. Stonebridge sold the property to Carey Watermark 14 months later.

Additional dual-brand hotels have since come online in Denver. The most recent, a Tru by Hilton/Home2 Suites at 801 15th St., opened last month and also was developed by Stonebridge.

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News Source: businessden.com

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