CIT Lends $91M for Denver Sheraton Hotel Purchase
CIT Group has provided a joint venture between High Street Real Estate Partners and Eagle Four Partners with a $91 million senior secured loan to acquire the Sheraton Denver Downtown Hotel in Denver, according to an alert from CIT.
“Steady growth in Denver’s hospitality market and the property’s proximity to the downtown convention center makes the Sheraton Denver an excellent opportunity,” Chris Niederpruem, a managing director and East Coast head of CIT’s Real Estate Finance division, said in a statement. “We are delighted to leverage our expertise to help finance this project.”
The 1,231-key Marriott-branded Sheraton hotel includes 133,000 square feet of flexible event meeting room space and is Eagle Four’s only Denver asset in its portfolio. The purchase price could not immediately be gleaned.
The property is located at 1550 Court Place in Denver’s central business district, just a few blocks from Civic Center Park, which houses the Colorado State Capitol and is nearby the Denver City Council building. The hotel features a heated rooftop pool, a fitness center and multiple restaurants on-site, including a Zoup! outpost, a Yard House and a Peet’s Coffee & Tea shop, among a few other offerings.
Colorado has seen hotel occupancy climb 30 basis points on the year in June to just under 67 percent, according to second half hospitality outlook report from brokerage Marcus & Millichap (MMI). Denver itself has seen occupancies tick up 10 basis points to just north of 73 percent.
An official at High Street Real Estate Partners was not immediately available for comment. Eagle Four Partners couldn’t immediately be reached for comment.