CNL did not disclose the bottom-line price for the Wyndham Hotel Denver Tech Center, but it reportedly is $18.3 million.CNL has confirmed paying $43 million total for the Tech Center hotel and a 210-room hotel owned by Dallas-based Wyndham International Inc. in Billerica, MA., located 30 miles from Boston.
"Our acquisition and subsequent leaseback of the Wyndham Hotels in Billerica, MA. and Denver Tech Center match our investment strategy of acquiring smaller, upscale, full-service hotels in major markets," said Charlie Muller, chief operating officer of CNL. "This new relationship with Wyndham is an excellent example of CNL's interest in aligning itself with additional top-tier national operating companies with similar growth plans."CNL said the two hotels feature many of the same amenities available in Wyndham's larger downtown hotels, such as wedding and meeting coordinators, room-service, high speed Internet access and upgraded guest room and bath amenities.
"Our sale and leaseback of the Denver Tech and Billerica properties enables us to further strengthen our balance sheet, while maintaining management of these outstanding properties," says Fred J. Kleisner, Wyndham CEO.
Denver hospitality expert John Montgomery says the Tech Center hotel is well positioned."I would call it an upscale, limited service hotel," says Montgomery, president of Horwath Hospitality Consulting/Montgomery & Associates. "It fits pretty nicely into the fabric along the southeast corridor. They also have a good location on a site between the Marriott and Hyatt Regency. I think their price of about $100,000 per room is reflective of the general state of the lodging business in the Denver area.
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