OAK BROOK, Ill.—Inland American Lodging Group, a wholly owned subsidiary of Inland American Real Estate Trust, announced that it has acquired the 14-story Residence Inn by Marriott Denver City Center and adjoining 448-space parking garage for a purchase price of $80 million.
“We are very pleased to be adding this high-quality asset to our portfolio,” said Marcel Verbaas, president and CEO, Inland American Lodging Advisor. “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 has 228 guestrooms, 1,740 square feet of meeting space, a large lobby, and a 448-space parking garage located within the building. The property will continue to be managed by Sage Hospitality.
“We are excited to embark on this relationship with Sage Hospitality due to the company’s strong reputation for managing and developing high quality hospitality assets,” said Verbaas. “We look forward to working with Sage to continue to maximize profitability at the hotel and take full advantage of the positive dynamics in the Denver market.”