Silverwest Hotels LLC Acquires The Inverness Hotel and Conference Center in Colorado
Purchase Part of a Major Capital Expenditure and Property Improvement Plan
DENVER, CO. November 26, 2015 - Silverwest Hotels LLC (Silverwest), a Denver-based hotel investment and management company, today announced the acquisition of The Inverness Hotel and Conference Center on behalf of Silverwest Hotel Fund(s) I/IA. The purchase expands the company's holdings in Colorado and signals the beginning of a multimillion dollar capital expenditure and property improvement plan for the property. The Inverness has been a Destination Hotels property since 1995.
“We're thrilled to be acquiring The Inverness Hotel and Conference Center and add it to our growing portfolio of hotels and destinations,” said Charlie Peck, co-founder of Silverwest. “We look forward to implementing a plan that will substantially enhance the hotel's appeal and our guest's experience. While the transition will be seamless for our guests, we're looking forward to announcing the changes we'll be bringing to the property,” he added.
Silverwest will begin renovations in 2016 designed to enhance and improve all areas of the hotel. Total renovation of guest rooms is scheduled to begin in November 2016 and is expected to take 3-4 months to complete. Destination Hotels will continue to operate and manage the property. Operations management will remain unchanged, and all reservations for guests, group meetings, weddings and catering clients will remain intact.
Veteran hotel industry executives Charles Peck and Edward Mace founded Silverwest in 2013. The partners have more than 50 years of combined experience in hotel development and management, and currently have several projects in the Rocky Mountain region, including Denver. Their experience also includes hotels under franchise agreements from Hilton, Marriott and Starwood.
Originally opened as the Scanticon Denver Hotel and Conference Center in 1989, the 302-room hotel includes 60,000 square feet of conference space and other venues and an 18-hole golf club with access by hotel guests. The Inverness Hotel and Conference Center has been operated and managed since January 1, 1995 by Destination Hotels, which operates more than 40 properties across the U.S. In 2015, the award-winning full-service hotel and conference center situated in suburban Denver underwent a $1.3 million renovation to its lobby, entrance, food and beverage outlets and event corridors. For more information, please visit www.invernesshotel.com.
About Silverwest Hotels
Silverwest Hotels, LLC, is a Denver-based investment and management company formed in 2013 by experienced hotel and resort executives Edward Mace and Charles Peck. Silverwest currently owns and manages a growing portfolio of hotels and developments in multiple Colorado destinations, the big island of Hawaii, San Antonio, TX, and West Des Moines, IA. The company is a joint venture that brings Silverwest together with the institutional fund management platforms and expertise of Mariner Real Estate Management, LLC and an affiliate of Global Endowment Management. Mariner, based in Kansas City, is a real estate private equity firm focused on opportunistic investments in the commercial real estate market. Global Endowment, based in Charlotte, NC, is an independent investment manager offering an endowment-style investment program to institutional investors, family offices, individuals and other sophisticated investors. For more information, visit www.silverwesthotels.com.
About Destination Hotels
Destination Hotels (Destination) is the largest owner and operator of independent hotels, resorts and residences in the United States. Headquartered in Denver, Colorado, Destination is an industry leader with more than 40 years of hospitality management and development experience. Located in premier destinations, the portfolio is continuously growing with more than 40 luxury and upscale properties from coast to coast. The award-winning company operates 20 golf courses, 20 full-service spas, six IACC-certified conference centers and 110 bars and restaurants. The privately-owned company is a subsidiary of Lowe Enterprises, a Los Angeles-based investment, development and real estate firm. For more information on Destination Hotels, visit www.destinationhotels.com.
Contact for media:
Dana Pluss Parks
[email protected]
(303) 522-0993
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