Starwood Hotels & Resorts Worldwide has sold the Element Denver Park Meadows to Denver Hospitality II, LLC. for $15.5 million. The hotel will continue to be affiliated with Starwood Hotels & Resorts and its Starwood Preferred Guest program.
Adam Aron, CEO of Starwood on an interim basis, said: “The sale of Element Denver Park Meadows follows the recent high profile sales of two of our hotel properties in The Luxury Collection, namely The Phoenician and The Gritti Palace. While this is a smaller sale, nonetheless it also marks continued progress in fulfilling on our asset-light strategy and achieving our stated goal of $800 million in hotel sales by the end of 2015."
Element Denver Park Meadows is located just south of Denver with easy access to downtown businesses, shopping, dining and entertainment via the nearby RTD light rail line. The hotel is also close to Denver Tech Center, Sports Authority Field at Mile High, Coors Field and The Colorado Convention Center. Element Denver Park Meadows has 123 rooms with fully equipped kitchens, a 450 square-foot meeting space, an indoor saline swimming pool and an outdoor patio.
Starwood's Element brand is on track to double its portfolio in the next two years.