A wholly owned subsidiary of Inland American Real Estate Trust bought the 228-room Residence Inn by Marriott Denver City Center for US$80 million.
Sage Hospitality, which partnered with Shames-Makovsky Realty Co. to build the resort for US$44 million in 2006, will stay on as manager, Inland American, Oak Brook, Illinois, said in its announcement on Friday of the acquisition.
“We are very pleased to be adding this high-quality asset to our portfolio,” said Marcel Verbaas, president and CEO, Inland American Lodging Advisor, Inc. “With its excellent location in the downtown Denver market, we believe the hotel is well positioned to continue its strong operational performance. This acquisition aligns perfectly with our strategic objective to grow our portfolio by adding well located upper-upscale and urban upscale hotels.”
The hotel features a 448-space parking garage located within the building.