US-based Xenia Hotels & Resorts has acquired The Ritz-Carlton, Denver for a purchase price of $100.25m.
The 202-room Ritz-Carlton, Denver expands Xenia’s luxury and upper upscale hotels portfolio to 39 and marks the second in its brand.
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The 14-storey property features 13,000ft2 of meeting space, the Ritz-Carlton Spa and Elway’s Restaurant.
Xenia Hotels & Resorts chairman and CEO Marcel Verbaas said: “As one of the few true luxury offerings in the city, and with guest rooms that are unrivaled from a quality and size perspective, the hotel’s positioning in the market is uniquely differentiated.
“With the hotel having received approximately $60,000 per key in capital expenditures over the past few years, The Ritz-Carlton, Denver is positioned particularly well to benefit from the many demand drivers in the downtown Denver market.”
The hotel, which is part of a mixed-use development, recently underwent renovation of its guestrooms, food and beverage outlets, spa, meeting space and lobby.
Verbaas added: “The acquisition of this hotel further improves our overall portfolio quality and demonstrates our ability to source high-quality assets in major lodging markets at attractive prices.
“We believe that our asset management platform will be able to drive significant value at the property as the hotel is able to take full advantage of the recently completed renovations.”
Xenia currently owns 39 hotels with 11,054 rooms across 17 states and the District of Columbia.
The company’s luxury and upper upscale hotel portfolio features properties from major brands such as Marriott, Hyatt, Kimpton, Fairmont, Hilton and Loews.
