Xenia Claims Ritz-Carlton in $100M Denver Deal
Orlando-based Xenia Hotels & Resorts acquired The Ritz-Carlton, Denver, a 202-room hotel from an affiliate of Pearlmark Real Estate Partners for $100.25 million, which works out to roughly $496,000 per key. The hotel is part of a mixed-use development, which also includes 25 luxury residences and 193 apartment units.
The 14-story luxury hotel includes 47 suites, as well as 13,000 square feet of meeting space, a spa, and a restaurant. The hotel recently completed an extensive renovation of its guestrooms, as well as other areas.
Xenia’s Marcel Verbaas says, “As one of the few true luxury offerings in the city, and with guest rooms that are unrivaled from a quality and size perspective, the hotel’s positioning in the market is uniquely differentiated. With the hotel having received approximately $60,000 per key in capital expenditures over the past few years, The Ritz-Carlton, Denver is positioned particularly well to benefit from the many demand drivers in the downtown Denver market.”
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