DENVER, CO-HFF has arranged $51 million in financing for the Ritz-Carlton, Denver, a 202-room, luxury hotel in downtown Denver.
HFF worked exclusively on behalf of the borrower, Pearlmark Real Estate Partners, Chicago, to secure the three-year, floating rate loan through a joint origination effort by Annaly Commercial Real Estate Group, Inc., of Maryland,and Principal Real Estate Investors. Proceeds from the loan will be used to refinance an existing loan facility. The Ritz-Carlton Hotel Company, L.L.C. of Chevy Chase, MD will remain as manager of the property.

Originally completed in 1983, the building underwent a complete renovation and opened as The Ritz-Carlton, Denver in January 2008. The hotel occupies the first 14 floors of a 37-story tower, with the Apartments at Denver Place and the Residence XXV condominiums (not part of this transaction) occupying the upper levels. Hotel amenities include Elway's Restaurant, 12,000 square feet of meeting space, a full-service spa and business center, as well as guest access and use of the FORZA Fitness and Performance Club with saltwater lap pool and full-size basketball court. The hotel is located on 0.5 acres and is bordered by 18th Street, 19th Street, Arapahoe Street and Curtis Street in downtown Denver's Financial District. The property is the only AAA Five Diamond-rated hotel in the city.

The HFF team representing the borrower was led by senior managing director Eric Tupler, managing director John Bourret, director Josh Simon and real estate analyst Matt Gangaware.