Xenia Hotels & Resorts has paid $100 million for The Ritz-Carlton, Denver, a 202-room luxury hotel for $100.25 million, or approximately $496,000 per key.
“While Denver has experienced significant lodging supply increases over the past few years, strong demand growth has allowed the market to absorb these supply increases and we view the long-term market fundamentals favorably,” said Marcel Verbaas, chairman and CEO of Xenia.
The 14-story luxury hotel features 202 oversized rooms, including 47 suites, as well as 13,000 square feet of meeting space, The Ritz-Carlton Spa, and Elway’s Restaurant. The hotel recently completed an extensive renovation of its guestrooms, food and beverage outlets, spa, meeting space and lobby. The Ritz-Carlton, Denver is part of a mixed-use development, which also includes 25 luxury residences and 193 apartment units.
In addition to being in excellent physical condition, the hotel has exhibited consistently strong operating results, as illustrated by its RevPAR of $247.86 during the trailing 12 months ending July 31, 2018.
The Ritz-Carlton, Denver becomes the 39th hotel in Xenia’s portfolio of primarily luxury and upper upscale hotels and the company's second Ritz-Carlton branded hotel.
