May 11, 2015 CBRE Hotels is pleased to announce the sale of the Best Western Plus – Denver Tech Center, Greenwood Village, Colorado to Rockies Lodging Capital (“RLC”). The 150-room hotel sold for $15 million in April 2015. RLC purchased the hotel from DTC Hotel, LLC, a local ownership group, through an off market transaction.
Larry Kaplan, Senior Vice President with CBRE, commented, ‘We are pleased to have been involved in the sale of this hotel, allowing the previous owner to benefit from the recent appreciation of lodging property in Denver, while providing RLC the opportunity to step into a strong performing hotel in a major metropolitan area. As the first acquisition for RLC, we could not be more pleased with their professionalism and look forward to working with them on future opportunities’.
Rockies Lodging Capital (www.rlchotels.com) is a newly formed hotel investment company led by principals Stephen Mills and Phillip Hutchins. RLC is focused on the acquisition of hotel properties that provide value additive enhancement opportunities that can deliver superior cash returns for their investors.
Commented Phillip Hutchins, ‘We are excited to take over the ownership and management of the Best Western Plus DTC. The property has all of the characteristics we are looking for in an acquisition – strong current yield, excellent location, superior branding and a variety of healthy demand generators. In conjunction with our operating techniques, we intend to complete additional renovations to further enhance the value of the hotel.’
Stephen Mills commented, ‘Our strong personal relationship with CBRE, along with our knowledge of the Denver hotel landscape, allowed us to source this off market transaction. The previous owner was looking to exit their equity position in the investment but did not want to publicly market the hotel for sale. We are actively searching for opportunities and look forward to growing our company with additional acquisitions in 2015 and beyond.’
About Rockies Lodging Capital:
Rockies Lodging Capital (“RLC”), formed in 2014 by hotel industry veterans, concentrates primarily on mid-market and upscale limited service hotels. The team’s focused experience in lodging helps them identify opportunities to increase the value of acquisitions through targeted operational enhancements and capital projects. RLC’s strategy is to maximize asset value and cash flow through intensive asset management. For more information please contact Stephen Mills at (303) 800-4482 or Phillip Hutchins at (720) 233-7341.