The new owner of the 11-story hotel is a joint venture of locally based Sage Hospitality Resources and JP Morgan. Sage, which owns or operates 47 hotels in 21 states, also is remodeling Downtown's shuttered Executive Tower Inn at 1405 Curtis St. The $30-million remodel will be complete in January, when the 336-room property is slated to reopen as "the Curtis."
The seller was CDS Hotel Investors LLC, a group led by local developer Charlie Biederman, the developer of the hotel. Biederman is in the midst of a renovating the Embassy Suites Hotel in Downtown Denver into the Ritz-Carlton Denver. The $75-million project is scheduled to open next spring. It will include 24 for-sale residences ranging in price from $800,000 to $4 million.
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