DENVER (DENVER BUSINESS JOURNAL) – Erik Cavarra previews the Hotel Market in Denver, Colorado.
Denver’s historic Brown Palace Hotel & Spa is for sale for only the fourth time in its 121-year history. “The market out there for hotels is good,” said Marcel Pitton, Brown Palace managing director. The group of investors, listed in assessor records as Brown Palace Joint Venture, has owned what’s arguably the most famed hotel in Denver for more than 30 years. The 230-room hotel, 321 17th St.. was built in 1892 and played host to presidents from Teddy Roosevelt to Bill Clinton and performers including the Beatles. The property is being marketed by New York-based Eastdil Secured, a global real estate investment banking and brokerage company, that also landed the Inverness Hotel and Conference Center account. The DBJ broke the news of the pending sale of the 302-room hotel, 200 Inverness Drive West in Arapahoe County. It’s one of metro Denver’s biggest luxury hotel/resort/conference facilities. Just last week, the Hyatt Regency Denver Tech Center sold for $60 million.
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