News for the Hospitality Executive |
(Denver, Colorado): February 28, 2011 - HREC Investment Advisors is pleased to announce the sale of the Sheraton Hotel - Denver Tech Center; a 262-room, first-class, full-service hotel located in the heart of the Denver Southeast commercial corridor. The sale was handled by Mike Cahill, CEO and Founder of HREC. The Sheraton Hotel is located roughly 13 miles south of
downtown
Denver. The Hotel maintains superior visibility along Interstate
25 and
Arapahoe Road, a major east/ west local thoroughfare. The Hotel
facilities includes over 10,000 square feet of meeting space, the
Redfire
restaurant, a business center, outdoor swimming pool and whirlpool,
fitness
center and a gift shop. The seller was an affiliate of The Hotel Group, a Seattle
based hotel
owner/operator, www.thehotelgroup.com.
Doug Dreher, president and CEO of The Hotel Group, commented "The sale
of
the Sheraton Denver Tech Center - which was over a year in the making -
would
not have occurred without the tireless commitment and diligence of my
partners,
our corporate team and the property level managers and
associates. HREC,
led by Mike Cahill, did a masterful job throughout the entire sale
process." The buyer was a joint venture comprised of Waramaug
Investments, Interstate
Hotel and Resorts and an institutional opportunity fund. Paul Nussbaum, Managing Director of Waramaug Hospitality, adds
"This is
the only Sheraton or Starwood branded hotel in the Denver Tech Center
area and
we will benefit from the consistent travel of Starwood's Preferred
Guests to
this market. With the substantial renovations we will complete to
the
guest rooms, public and meeting space and recreation area and as the
market
continues to recover to pre recession levels, we expect the hotel to
quickly
gain market share." For additional information, visit HREC’s
website
at www.hrec.com
|
Contact: Mike Cahill CEO & Founder [email protected] Ashley Hunt Director of Marketing [email protected] HREC-Hospitality Real Estate Counselors 6400 S. Fiddler’s Green Circle Suite 1730 Greenwood Village, CO 80111 (303) 267-0057 |
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