HREC Investment Advisors Arranges Sale of Sheraton Denver Tech Center
February 25, 2011 - HREC Investment Advisors is pleased to announce the sale of the Sheraton Hotel - Denver Tech Center; a 262-room, first-class, full-service hotel located in the heart of the Denver Southeast commercial corridor. The sale was handled by Mike Cahill, CEO and Founder of HREC.
The Sheraton Hotel is located roughly 13 miles south of downtown Denver. The Hotel maintains superior visibility along Interstate 25 and Arapahoe Road, a major east/ west local thoroughfare. The Hotel facilities includes over 10,000 square feet of meeting space, the Redfire restaurant, a business center, outdoor swimming pool and whirlpool, fitness center and a gift shop.
The seller was an affiliate of The Hotel Group, a Seattle based hotel owner/operator, www.thehotelgroup.com. Doug Dreher, president and CEO of The Hotel Group, commented "The sale of the Sheraton Denver Tech Center - which was over a year in the making - would not have occurred without the tireless commitment and diligence of my partners, our corporate team and the property level managers and associates. HREC, led by Mike Cahill, did a masterful job throughout the entire sale process."
The buyer was a joint venture comprised of Waramaug Investments, Interstate Hotel and Resorts and an institutional opportunity fund.
Paul Nussbaum, Managing Director of Waramaug Hospitality, adds "This is the only Sheraton or Starwood branded hotel in the Denver Tech Center area and we will benefit from the consistent travel of Starwood's Preferred Guests to this market. With the substantial renovations we will complete to the guest rooms, public and meeting space and recreation area and as the market continues to recover to pre recession levels, we expect the hotel to quickly gain market share."
About HREC: HREC is the nation's leading lodging and gaming real estate advisory firm specializing in property sales, mortgage brokerage, equity/JV structuring, consulting (market studies and appraisals) and litigation support. With fourteen offices throughout North America, HREC is distinguished by unwavering commitment to client service through its team approach, intellectual capital and hotel/casino specialization.
For more information on this sale, please contact:
Mike Cahill - CEO and Founder
[email protected]
Ashley Hunt - Director of Marketing
[email protected]
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