Real estate investors AVR Realty and David Werner Real Estate Investments bought the Sheraton Hotel in Denver for $210 million.
The 1,200-room hotel was built in 1980, and was purchased by Werner and AVR from a partnership between a real estate fund related to Goldman Sachs and California-based Chartres Lodging. Goldman and Chartres purchased the hotel for $176.19 million in 2008, and invested $70 million in the hotel for renovations, adding a new lobby and updated guestrooms.
“Denver is really one of the spotlights of the country for downtowns that not only support business but culture and sports and is becoming 24/7 in terms of a place to live,” HREC founder and CEO Mike Cahill told BusinessDen. “That has created the dynamic environment that investors love.”