The 785-room portfolio is comprised of seven extended stay hotels, six of which are located in the Greater Denver area, and one of which is located in Colorado Springs, approximately 70 miles south of Downtown Denver.
The hotels will continue to be managed by Sage Hospitality Resources of Denver. Sage was the original developer of the portfolio and has managed the portfolio since its completion in 2000. JER Partners believes that Sage's local market expertise and familiarity with the hotels should provide added value from both a management and strategic perspective.
"After several years of downward pressure, the Denver economy has started to demonstrate positive signs of recovery," says Cia Buckley, senior managing director of North American Fund Investment Management at JER Partners. "We believe this recovery will translate into consistent gains in the Denver and Colorado Springs hospitality markets."
Mike Cahill and Scott Stephens of HRED Investment Advisors, the investment-banking arm of locally based Hospitality Real Estate Counselors, represented the seller in the transaction. "This is a significant sale," Cahill tells GlobeSt.com. It illustrates how much national interest there is in Denver hotel properties, he notes.
The Colorado portfolio includes 151 rooms in Broomfield; 95 rooms in Colorado Springs; 95 in the Denver Tech Center; 123 in Downtown Denver; 107 by the Federal Center in Lakewood; 113 rooms along the southeast corridor; and 101 rooms in Littleton.
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