Denver-Area Westin Purchased by Joint Venture

The Westin Westminster hotel in Westminster, Colo., just outside Denver, has just changed hands, sort of. The 369-room, AAA Four-Diamond hotel was sold by Inland Pacific Cos., based in Westminster, in an off-market transaction to a joint venture of itself and Amstar Group and Sage Hospitality Resources, both based in Denver.

The purchase provides “better capitalization of the asset,” Amstar executive director Doug Wiley told CPN today, and will fund a $4 million-plus interior refurbishment of the hotel (pictured). Given the current high prices of construction materials, he added, the purchase price, which was not disclosed, was below the hotel’s replacement cost.

Sage, which will manage the hotel, now has 16 hotels under management in Colorado. The hotel, which is to remain under the Westin flag, features 30,000 square feet of meeting space including a 12,000-square-foot ballroom. Built in 2000, the hotel was developed by a partnership between IPC and the City of Westminster, which did not have an ownership stake, according to an Amstar spokesperson.

The hotel is the sixth in Amstar’s $2 billion portfolio of office, multi-family, industrial, retail, hospitality and mixed-use assets and development projects. Amstar and Sage have partnered twice before, Wiley said, on a hotel renovation in Palm Beach, Fla., and another in San Diego, both in the late ’90s. This was their first joint transaction in Colorado, even though the two companies’ offices are barely four blocks apart in downtown Colorado.

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source: commercialpropertynews.com