DENVER, Colo.—Marcus & Millichap has arranged the sale of three Marriott Fairfield Inn & Suites hotels in the Denver area. The portfolio contains a total of 225 rooms.
“The hotels are all located in stable submarkets within the Denver metropolitan statistical area (MSA), which is one of the top-performing hospitality markets in the country,” says Neville Rustomjee of Marcus & Millichap’s National Hospitality Group. “The properties’ geographical separation and prominent locations capitalize on a diverse array of demand generators and the entire MSA is supported by a large employment base that attracts young, educated professionals from around the country.”
Rustomjee represented the seller, a hotelier located in Wyoming, and procured the buyer, an Arizona-based investment group.
The properties are: Fairfield Inn & Suites Denver Aurora /Medical Center, Aurora, Colo., 82 rooms; Fairfield Inn & Suites Denver Tech Center/South, Highlands Ranch, Colo., 61 rooms; Fairfield Inn & Suites Denver North/Westminster, Westminster, Colo., 82 rooms.
All of the hotels are accessible from nearby interstate highways, and present or future light rail stations that connect to downtown Denver and the Denver International Airport.
“The portfolio’s current Marriott Franchise Agreement runs until 2027,” Rustomjee continues. “The new owner will benefit from Marriott’s market-leading brand recognition, which provides significant room nights from some of the most brand-loyal guests in the lodging industry. All three hotels will undergo a property improvement plan this coming winter and will be refreshed under the new ownership,” Rustomjee concludes.
The terms of the sale were not released.