DENVER, COLORADO (May 11, 2015) – CBRE Hotels is pleased to announce the sale of the Best Western Plus – Denver Tech Center located in Greenwood Village, Colorado to Rockies Lodging Capital (“RLC”). The 150-room hotel sold for $15 million in April 2015. RLC purchased the hotel from DTC Hotel, LLC, a local ownership group, through an off-market transaction.
Mr. Kaplan commented, “We are pleased to have been involved in the sale of this hotel, allowing the previous owner to benefit from the recent appreciation of lodging properties in Denver, while providing RLC the opportunity to step into a strong performing hotel in a major metropolitan area. As the first acquisition for RLC, we could not be more pleased with their professionalism and look forward to working with them on future opportunities.”
Rockies Lodging Capital (www.rlchotels.com) is a newly formed hotel investment company led by principals Stephen Mills and Phillip Hutchins. RLC is focused on the acquisition of hotel properties that provide value additive enhancement opportunities that can deliver superior cash returns for their investors.
According to Mr. Hutchins, “We are excited to take over the ownership and management of the Best Western Plus DTC. The property has all of the characteristics we are looking for in an acquisition – strong current yield, excellent location, superior branding and a variety of healthy demand generators. In conjunction with our operating techniques, we intend to complete additional renovations to further enhance the value of the hotel.”
Mr. Mills adds, “Our strong personal relationship with CBRE, along with our knowledge of the Denver hotel landscape, allowed us to source this off market transaction. The previous owner was looking to exit their equity position in the investment but did not want to publicly market the hotel for sale. We are actively searching for opportunities and look forward to growing our company with additional acquisitions in 2015 and beyond.”
CBRE Hotels is a specialized advisory group within CBRE providing brokerage, valuation and capital markets services to companies in the hotel sector. CBRE Hotels is comprised of over 265 dedicated hospitality professionals located in over 60 offices across the globe. For more information, please visit our website at www.cbrehotels.com.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
About Rockies Lodging Capital Rockies Lodging Capital (“RLC”), formed in 2014 by hotel industry veterans, concentrates primarily on mid-market and upscale limited service hotels. The team’s focused experience in lodging helps them identify opportunities to increase the value of acquisitions through targeted operational enhancements and capital projects. RLC’s strategy is to maximize asset value and cash flow through intensive asset management. For more information please contact Stephen Mills at (303) 800-4482 and email@example.com, or Phillip Hutchins at (720) 233-7341 and firstname.lastname@example.org.