BMC Investments and Sage Hospitality to Co-develop $60 M Hotel Project in Denver's Old P.O. Building

A Joint Venture with Sullivan Group and Elevation Group

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. May 22, 2014

DENVER - May 22, 2014 - Denver based companies BMC Investments and Sage Hospitality have announced plans to develop and operate a $60 million, seven-story, luxury independent hotel with restaurant and retail space in Cherry Creek. BMC and Sage entered into a joint venture with Sullivan Group and Elevation Group for the development of 245 Columbine, otherwise known as the Old Post Office Building. BMC and Sage will serve as the joint-venture managing members and co-developers.

"This is the premier site available in Cherry Creek for a high-end hotel, and we feel that there is tremendous demand for a project of this caliber," said Matt Joblon, managing partner of BMC, a nationally recognized investment and development company specializing in commercial real estate and premium assets. "As with our Steele Creek project on First and Steele, we will work closely with the City Council and the neighborhood to ensure we deliver an exceptional project that highlights Cherry Creek."

Sage Hospitality, one of the nation's leading investment and management companies for hotels and restaurants, will co-develop and independently brand the 150-room luxury hotel featuring a roof-top pool. Sage Restaurant Group, who developed Second Home Kitchen + Bar also in Cherry Creek, plans to implement one of its newest brands in part of the available restaurant and retail space.

BMC and Sage have engaged design architecture firms klipp/a division of gkkworks and JG Johnson Architects of Denver to design the building. Renowned New York-based interior designer Robert McKinley will fashion the interior of the hotel.

"We plan to create something totally unique and indigenous that will fit in with the Cherry Creek vibe," said Walter Isenberg, President and CEO of Sage. "Sage has developed exciting, independent brands in Colorado such as The Crawford Hotel at Denver's Union Station, opening in July in LoDo. We plan to bring that excitement and sense of place to Cherry Creek with this project."

Both companies will work closely with the Cherry Creek North Neighborhood Association to ensure that the project meets the goals and objectives of the neighborhood and is consistent with its character and context. The co-development team of BMC and Sage was formed to leverage their proven track record in financing, developing and operating, first-class hospitality projects.

About Sage Hospitality

Sage Hospitality

Founded in 1984, Sage Hospitality has strategically grown into one of the largest privately held hotel and restaurant, investment and management companies in the nation, operating a variety of hospitality assets. Sage's comprehensive management portfolio includes major international brands including Marriott, Starwood, Hilton and Hyatt, as well as the independent boutique hotels. For more information, please visit www.sagehospitality.com.

About BMC Investments

Denver-based BMC Investments is a real estate investor and developer that owns and manages over 2,500 multi-family unites in Denver and Baltimore. BMC is developing the $108 million Steele Creek luxury apartment project and is planning to develop a 200,000 square foot medical office building in the Fitzsimmons medical campus area. http://www.bmcinv.com/

About Sage Restaurant Group

Denver-based Sage Restaurant Group, co-founded by Peter Karpinski, creates experiences where food, drink and inspired design meet and mix. These independent restaurants, adjacent to hotels, deliver exceptional catering and in-room dining experiences. Wherever they are located, Sage Restaurant Group's concepts feature a distinctive scene and a subtly infused local vibe designed to appeal to a guest who is hungry for life. For more information, please visit www.sagerestaurantgroup.com.