ARLINGTON, VA and DENVER, CO—Interstate Hotels & Resorts, the United States’ largest independent hotel management company, announced that it has formed a joint venture with Waramaug Hospitality LLC and an investment management company to acquire the Sheraton Denver Tech Center (top left photo) for an undisclosed amount. The 262-room property will remain as a Sheraton and immediately undergo a $5.75 million renovation. Interstate assumed management of the hotel upon completion of the acquisition.
Renovations include a complete make-over of the guest rooms, public and meeting space, food and beverage and recreation areas. The renovation will be completed in 18 months and will be essentially transparent to guests.
“This is the only Sheraton-branded hotel in the high-density Denver Tech Center area, and we will use that to our advantage,” said Thomas F. Hewitt (middle right photo), Interstate’s chairman and chief executive officer. “The Denver hotel market is in recovery mode, and we believe our marketing expertise, economies of scale and proprietary systems will allow us to quickly gain market share.”
Located at 7007 South Clinton Street, the Sheraton Denver Tech Center is proximate to numerous businesses, shopping malls, Six Flags Elitch Gardens Amusement Park and several golf courses.
The hotel offers 10,500 square feet of meeting space and outdoor swimming pool, business center, exercise room, gift shop and club-level guest lounge, as well as a full-service restaurant, the Redfire Restaurant & Lounge.
“This is our first project with our partners, but it is our expectation that we will do many deals with them,” said Paul Nussbaum, Waramaug’s chief executive officer. “We also expect to quickly and efficiently renovate and reposition the hotel to take full advantage of improving market fundamentals.”
Additional information about Interstate is available at the company’s website: http://www.ihrco.com/
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Contact:
Jerry Daly, Carol McCune, Media, Daly Gray, (703) 435-6293 jerry@dalygray.com , Carrie McIntyre, SVP, Treasurer, Interstate Hotels & Resorts, (703) 387-3320,
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