HREC Investment Advisors successfully brokered the sale of the Sheraton Denver Tech Center, in Greenwood Village, a suburb of Denver, representing the seller of the 263-room full-service hotel. The selling group consisted of funds affiliated with Varde Partners, Waramaug and Interstate Hotels.
The HREC Team on the transaction included Mike Dube (VP - Denver), Geoff Davis (President & Senior Principal - NYC) and Mike Cahill (CEO & Founder - Denver).
The hotel was and will continue to be operated by Interstate Hotels & Resorts.
The hotel was acquired by a related entity to ASAP Holdings. Frank Yuan, CEO of ASAP), said, "We are excited to acquire this hotel in a growing submarket of Southeast Denver. We were impressed by the growth surrounding the hotel, the quality of the asset and the strength of the Sheraton brand. This hotel was in line with our strategy of purchasing cash flowing assets in growth markets and we look forward to additional acquisitions in the year ahead."
Of the transaction, HREC broker Mike Dube said, "This was a very competitive process as Denver, and especially the Denver Tech Center submarket, continues to see fantastic growth in the key fundamentals. The recent renovations completed by prior ownership should allow new ownership to capitalize on both increased occupancy and ADR for great success in the very near term and beyond."
"The sale of the Sheraton Denver Tech Center illustrates HREC's ability to creatively navigate the turbulent waters of a busy transactional arena and garner premium investor interest for our exclusive listings," said HREC's Mike Cahill.