The JW Marriott Denver Cherry Creek has been contracted for purchase by DiamondRock Hospitality, a a self-advised real estate investment trust (REIT) based in Bethesda, MD, for $72.6 million according to a Denver Post article. The 196-room hotel at 150 Clayton Lane was sold by Denver's Sage Hospitality, which bought the property in 2006. Sage has also managed the property since 2005 and will continue to do so under the new owner under contract.
"There's been a lot of activity in the commercial real estate side, this was a good and fair price and we just thought it was the right time," said Sage CEO Walter Isenberg.
"We are excited to acquire this high-quality, newly renovated hotel in Denver," said Mark Brugger, CEO of DiamondRock. "Denver has long been one of our target markets, in part because of its superior RevPAR growth rates over the past 25 years and excellent growth prospects. With luxury finishes and a 2011 RevPAR of $165, this acquisition enhances the overall quality of the DiamondRock portfolio."
For more news and information visit Blumberg Capital Partners.
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