NEW YORK—Carey Watermark Investors 2 (CWI 2), a non-traded real estate investment trust (REIT) focused on investing in lodging and lodging-related properties, announced that it has purchased the Embassy Suites by Hilton Denver–Downtown/Convention Center, a 403-suite, full-service hotel located in Denver, Colo.
The Embassy Suites by Hilton Denver–Downtown/Convention Center hotel, which opened in December 2010, is a 17-story state-of-the-art property for the Embassy Suites by Hilton brand. It features a 14-story glass “sky curtain” that showcases a beautiful open-air atrium and fills the hotel with abundant natural light. The property was the first LEED Silver certified hotel to open in Denver and the first in the Embassy Suites system. CWI 2 plans to complete a guestroom soft goods renovation starting in the winter of 2016.
The hotel is located directly across the street from the Colorado Convention Center and in close proximity to Denver’s downtown financial, cultural and convention districts. In addition to the Convention Center, the hotel is located near professional sports venues, shops, restaurants, and cultural attractions, and is adjacent to a light rail station.
The Denver lodging market remains vibrant with a significant corporate base, strong convention business, and a number of major downtown commercial, retail, and residential development projects in the pipeline, currently totaling $1.5 billion. From 1987 to 2014, the Denver lodging market ranked in the top five U.S. markets on a RevPAR growth basis.
Denver-based Sage Hospitality will continue to manage the hotel. Sage Hospitality is one of the largest privately-held hospitality investment, management, and development companies in the United States, operating more than 74 premium-branded and lifestyle hotels.
The property features 26,000 square feet of meeting space, a full-service American-style restaurant and bar, a Starbucks cafe, as well as an indoor swimming pool and fitness center.
