Sage Hospitality, a Denver-based hotel investment, development and management company, along with Denver-based developer BMC Investments, announced the sale of the Halcyon hotel in Denver to Rockbridge Capital. Dallas-based Makeready will take over management of the property. In addition to the 154-key hotel, Rockbridge acquired the Halcyon and B&GC brands, which were developed and trademarked by Sage Hospitality.
“It is a tremendous success for Sage Hospitality to sell this hotel and two of the associated brands. Our teams put hard work into developing and operating these assets, and this transaction is evidence of their commitment and dedication to excellence,” Walter Isenberg, president/CEO of Sage Hospitality, said in a statement. “Additionally, the sale and significant price achieved is a testament not only to the depth of talent of our real estate investment team, but also the strength of Sage’s brand-development organization. We are proud to be able to hand off a successful business unit to Rockbridge and their partners.”
The Departure brand was not sold to Rockbridge, and as a result Sage Restaurant Group closed the Departure Restaurant + Lounge, effective March 11, 2019.
“We thank the Denver community for their loyal patronage of Departure over the past three years,” Brent Berkowitz, COO of SRG, said in a statement. “Although this is an end for our Cherry Creek location, it is also the beginning of a new chapter—there are many exciting opportunities in the works, and we look forward to serving the Denver community again in the future.”
The Halcyon was the first hotel to open in Denver's Cherry Creek North neighborhood in more than a decade, with the intention of elevating the travel and community experience in the area.
“When we began the process of developing Halcyon, Cherry Creek North was in need of a new hotel to help anchor and elevate the neighborhood,” Matt Joblon, CEO of BMC Investments, said in a statement. “Since Halcyon opened, Cherry Creek North has evolved into an unparalleled hospitality, dining and entertainment destination in Denver. We are proud to be part of the team that has driven this growth, and we look forward to stewarding further progress in Cherry Creek and across Denver in the future.”
Sage opened Halcyon in Denver’s Cherry Creek North neighborhood in August 2016, along with modern Asian restaurant Departure Restaurant + Lounge and underground speakeasy B&GC.
“We look forward to continuing to grow Sage’s real estate investment program and delivering stellar outcomes like this to our investors in the future,” Jason Altberger, chief investment officer at Sage Hospitality, said in a statement. “My team is dedicated to the company’s continued growth and expansion in the real estate investment sector, and our primary focus will remain on acquiring and developing urban lifestyle hotels and restaurants within key markets.”