HREC Investnent Advisors Arranges $53 million Sale of Seven TownePlace Suites Hotels
DENVER, CO, January 6, 2005. HREC Investment Advisors successfully represented Rocky Mountain Extended Stay, LLP ("Seller") as its exclusive lodging advisor in the successful sale of the seven hotel, 785 total guestrooms, TownePlace Suites by Marriott hotel portfolio. All the hotels are situated in Colorado, with six hotels located in the Denver metropolitan area and one hotel placed in Colorado Springs. Mike Cahill and Scott Stephens of HREC Investment Advisors handled the transaction.
Sage Hospitality Resources ( www.sagehospitality.com), the general partner of the Seller, is a Denver headquartered, nationally recognized hotel management and development company. Sage will continue to operate the hotels under the new ownership.
The Buyer for the portfolio was JER Partners ( www.jer.com), the private equity investment arm of J.E. Robert Companies, a real estate investment management company with more than 24 years of experience in sourcing, underwriting and managing a broad spectrum of real estate equity investments and debt products in North America and Europe. Most of JER's investments are in office, retail, multi-family and industrial properties. Other areas of investment include commercial mortgage backed securities ("CMBS"), hospitality, healthcare related real estate and mezzanine financing.
All seven of the hotels are operated under the TownePlace Suites by Marriott brand. For more information on the brand, see www.towneplacesuites.com.
The Colorado locations of the seven hotels are as follows:
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Broomfield, 151 rooms
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Colorado Springs, 95 rooms
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Englewood (Denver Tech Center), 95 rooms
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Denver Downtown, 123 rooms
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Lakewood (Federal Center), 107 rooms
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Denver Southeast, 113 rooms
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Littleton (Denver Southwest), 101 rooms
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
