Denver's Brown Palace, which was originally put up for sale in September 2013, was sold to Crow Holdings Capital Partners, an investment arm of the Trammell Crow family in Dallas.
The Denver Post reported that the Crow Holdings Fund VI completed the purchase for an undisclosed amount. "I am very confident they will be a good steward of this hotel and keep the tradition and historical aspects as other owners have in the past," Brown Palace general manager Marcel Pitton said. Pitton described the transaction as "seamless."
Dallas-based Quorum Hotels and Resorts has managed the property for the past 26 years, and will continue to do so. The hotel was originally constructed in 1892.
According to Kansas City Business, the hotel's previous owners have funneled $19 million into the property over the last five years, focusing on improvements. Most recently, a facade restoration project was initiated in spring 2013, which is expected to continue over the next three years. Additionally, the hotel joined Marriott International's Autograph Collection of high-end properties last year, a category that it will remain in through the transition to new ownership.
"We are pleased to add this landmark establishment to our Fund VI portfolio," Diane Parmerlee, Crow Holdings Capital's director of hotel investments told NBC's 9 News. "The Brown Palace Hotel is well-aligned with Crow Holdings Capital's hotel investment strategy, which is focused on upscale assets with strong underlying fundamentals."
With the addition of the Brown Palace, Crow Holdings will own 33 hotels reaching over $2 billion in assets. The acquisition also included the neighboring Comfort Inn Downtown Denver, totaling 472 guestrooms, five restaurants and over 20,000 square feet of meeting space.