Alpental Capital, Solid Rock Group and Taconic Capital Advisors have sold the Sheraton Denver Tech Center for $16.2 million.
The 263-room hotel, located in Greenwood Village, CO, last sold for $9.2 million as part of a bankruptcy auction in June 2021. The partnership completed an extensive capital improvement plan and reopened the hotel in August 2021, after being closed by the previous owner in March 2020.
“We are proud to see this investment through its lifecycle from acquisition to disposition, despite the broader economic and capital markets headwinds,” said Greg Wilson, managing partner, Alpental Capital. “The transaction represents one of the few hotel investments successfully taken full circle since the beginning of COVID.”
Located just off I-25, the hotel is situated in the center of the Denver office submarket that contains 36 million sq. ft. of office space, including the Denver Tech Center, Inverness Business Park and Meridian Business Park. Numerous Fortune 500 and startup companies are located within a five-mile radius of the hotel, including Newmont Mining, Arrow Electronics, ENAVATE and Zoom Video Communications.
The full-service hotel includes 8,300 sq. ft. of meeting space, an outdoor swimming pool, business center, exercise room and club-level guest lounge, as well as the Redfire Restaurant & Lounge.