Peachtree Group has acquired the 180-room Hilton Garden Inn Denver Tech Center. The company’s hospitality management team will operate the property.
The seven-story hotel is located in the Denver Tech Center, one of the Denver MSA’s prominent employment hubs and the largest office submarket outside of the Central Business District, with 8.8 million sq. ft. of Class-A space, according to the company.
The hotel further benefits from its proximity to the under-development Bellview Station, a more than 50-acre, transit-oriented, mixed-use development. Upon completion, Bellview Station will comprise 2.2 million sq. ft. of Class-A office space, 300,000 sq. ft. of retail, 1,800 high-end residential units and more than five acres of green space. Prominent area employers include Comcast, Oracle, Microsoft, Zoom, Charles Schwab, Fidelity Investments, Newmont Mining and Western Union. The Bellview RTD light rail station provides direct commuter access to Union Station and Denver International Airport.
“We are excited to acquire this premium-branded hotel in a growing submarket with a variety of diverse and stable demand generators,” said Michael Bernath, SVP, acquisitions, Peachtree. “The Dever economy is well diversified, with the city gaining recognition as a burgeoning tech hub. We believe the expansion of the R-Line, increased connectivity of the area and the completion of the transformative Bellview Station development will continue to make the Denver Tech Center an attractive destination for consumers and corporations alike.”
The hotel was last renovated in 2014. Peachtree will make substantial investments in the property, with comprehensive upgrades and enhancements to the entirety of the property, including the exterior, lobby area, bar and lounge, meeting rooms, guestrooms, guest baths, corridors, elevators and stairwells.
“Upon renovation, the hotel will be the newest renovated property in the area and will be positioned to command a significant premium in daily rates,” Bernath added.
This marks Peachtree’s second hotel in Denver, following its ownership of the Element Denver Park Meadows. The financial terms of the transactions were not disclosed.
