DES MOINES, Iowa—CBRE Hotels announced that it has arranged the sale of a 417-room Marriott in downtown Des Moines at 700 Grand Avenue in Des Moines, Iowa to SRE Bulldog Hotel Owner.
CBRE Hotels’ Nate Sahn, senior vice president in Chicago and Kyle Gamble, managing director in Des Moines represented the seller, City Center Development LP, in this transaction.
The buyer has plans for a comprehensive renovation that will be focused on upgrading the guestrooms and other public areas of the hotel. This renovation will ensure the continued success of the Marriott as the top performing full-service hotel in the downtown market.
The 33-story Des Moines Marriott is a cornerstone of downtown Des Moines, which satisfies the area’s vibrant corporate demand, significant transient demand and offers unmatched meeting facilities for local and regional groups. The Marriott is attached to the Des Moines’ Downtown Skywalk system, which provides direct access to the “Class A” Ruan Center office building – the second tallest building in Des Moines. Moreover, the property is clustered amongst significant corporate expansion and new residential development taking place downtown, which only adds to its dominant location in the market, while preserving the long term value of the real estate.