July 19–A Denver hotel company has purchased the Sheraton Clayton Plaza Hotel from a Los Angeles private equity firm.
Silverwest Hotels announced the purchase, which closed last month, from private equity firm Colony Capital on Thursday.
"We look forward to implementing a plan that will substantially enhance the hotel's appeal and the guest experience," Edward Mace, co-founder and CEO of Silverwest, said in a statement. "The transition in ownership will be seamless for the guests. In the next few months we will be announcing the changes we'll be bringing to the property."
The 259-room hotel's new owner said it will begin renovations to the hotel in the fall, including updates to the exterior of the building built in 1965. Silverwest said all guest rooms and public areas in the hotel on Bonhomme Avenue in downtown Clayton will be "completely redesigned and renovated."
An affiliate of Texas-based Aimbridge Hospitality will continue to operate and manage the property.
A purchase price was not disclosed. Silverwest borrowed $27.6 million from Associated Bank, secured by the hotel, as a construction loan. The hotel last sold in 2007 for $24.8 million and is currently appraised at $22 million, according to St. Louis County real estate records.
