OAK BROOK, Ill.--(BUSINESS WIRE)--Inland American Lodging Group, Inc., a wholly owned subsidiary of Inland American Real Estate Trust, Inc. (“Inland American”), announced today that it has acquired the 14-story, 228-room Residence Inn by Marriott Denver City Center and adjoining 448-space parking garage for a purchase price of $80 million.
“We are very pleased to be adding this high-quality asset to our portfolio,” said Marcel Verbaas, president and CEO, Inland American Lodging Advisor, Inc. “With its excellent location in the downtown Denver market, we believe the hotel is well positioned to continue its strong operational performance. This acquisition aligns perfectly with our strategic objective to grow our portfolio by adding well located upper-upscale and urban upscale hotels.”
The Residence Inn Denver City Center is ideally located on Champa Street in Denver’s vibrant downtown near the 16th Street Mall and the Colorado Convention Center. The hotel has 228 guestrooms, 1,740 square feet of meeting space, a large and inviting lobby and a 448-space parking garage located within the building.
The property will continue to be managed by Sage Hospitality, one of the nation’s largest privately held hotel management and development companies. Inland American also recently engaged Sage to manage its 275-room Napa Valley Marriott Hotel & Spa in Napa, Calif.
“We are excited to embark on this relationship with Sage Hospitality due to the company’s strong reputation for managing and developing high quality hospitality assets,” said Verbaas. “We look forward to working with Sage to continue to maximize profitability at the hotel and take full advantage of the positive dynamics in the Denver market.”
About Inland American Lodging Advisor, Inc.
Inland American Lodging Advisor, Inc., located in Orlando, FL, focuses on acquiring and managing a diversified portfolio of lodging properties on behalf of Inland American Real Estate Trust, Inc. Inland American Lodging Advisor, Inc. currently oversees 91 hotels branded under various Marriott, Hilton, Starwood, Hyatt, Fairmont, and IHG brands that are managed either by the brand managers or independent third-party management companies. For further information regarding Inland American Lodging Advisor, please refer to the company website at www.inlandamericanlodging.com.
About Inland American Real Estate Trust, Inc.
Inland American Real Estate Trust, Inc. focuses on acquiring and developing a diversified portfolio of commercial real estate located in the United States. The company also invests in joint ventures, development projects, real estate loans and marketable securities. As of December 31, 2012 Inland American owned, directly or indirectly through joint ventures in which it has a controlling interest, 794 properties, representing approximately 46 million square feet of retail, industrial and office properties, 5,311 conventional multi-family units, 5,212 student housing beds and 16,345 lodging rooms. Inland American is one of six REITs that are, or have been, sponsored by affiliates of The Inland Real Estate Group of Companies, Inc. For further information regarding Inland American, please refer to the company website at www.inlandamerican.com.