Three Hotels Change Hands, a Mixed-Use Project Secures Financing

NATIONAL REPORT—Hotels are changing hands and a hospitality group secured financing for a mixed-use project. Here’s a look at recent deals:

Sheraton Denver Downtown Hotel is Acquired

Denver HS-EF Court Place LLC, a joint venture between High Street Real Estate Partners and Eagle Four Partners, acquired the Sheraton Denver Downtown Hotel, the largest hotel in Colorado, on Sept. 28 for an undisclosed price.

The new ownership group is developing a major renovation plan for the hotel including both guestrooms and public space to coincide with Marriott International’s relaunch of the Sheraton Hotels and Resorts brand, the third largest brand in its portfolio.

The purchase of Sheraton Denver Downtown Hotel was brokered by HFF.  Hodges Ward Elliott provided buyer financing advisory services.

Largest Conference Center Hotel in Vermont is Sold

The 309-room DoubleTree by Hilton Burlington in Burlington, VT, has been sold. Holliday Fenoglio Fowler L.P. (HFF) marketed the property on behalf of the seller, RLJ Lodging Trust, and procured the buyer, AAM 15 Management LLC.

The hotel is the largest conference center hotel in Vermont with 30,000 sq. ft. of event space and offers guests access to a restaurant and lounge, indoor heated pool, fitness center, business center, gift shop and complimentary shuttle service.

Ashford Trust to Acquire the La Posada de Santa Fe for $50M

Ashford Hospitality Trust Inc. has entered into a definitive agreement to acquire the 157-room La Posada de Santa Fe in Santa Fe, NM, for $50 million. The acquisition is expected to close later this month. This transaction is subject to customary closing conditions and the company can give no assurance that the purchase will be consummated by such date, or at all.

Berkadia Secures $56M in Financing for Mixed-Use Project

Berkadia’s hotels & hospitality group secured $56 million in financing for the Water St. District, a mixed-use development along the Naperville Riverwalk in Naperville, IL. The group secured the refinancing loan on behalf of Marquette Companies through Voya Financial. The transaction closed on Aug. 30. The competitive bridge loan will provide short-term financing as the project exits the construction phase and matures into the market.