Denver’s most storied hotel has been sold for the second time in four years.
Crescent Real Estate LLC, based in Fort Worth, Texas, announced this week that it closed on a deal to buy the Brown Palace Hotel and Spa. The 241-room palace has stood at the northwest corner of 17th Street and Broadway in downtown Denver for 126 years. It is considered by many to be the pinnacle of hospitality in the Mile High City.
A Crescent spokesman, reached Friday, declined to say what the company paid. The purchase also netted the company the 231-room Holiday Inn Express, across the street at 401 17th St.
“Acquiring the Brown Palace Hotel and Spa is another rare opportunity to own and operate a timeless and iconic hotel asset in a robust market for tourism and commercial business, Downtown Denver,” Crescent co-CEO Conrad Suszynski said in a news release.
The sale marks the second time since the spring of 2014 that the four-star hotel — with a guest registry that includes presidents, rappers and prize-winning steers — has changed hands. Dallas-based Crow Holdings, a subsidiary of Trammel Crow, bought it in March 2014 for $103 million, according to property records. The distinctive triangular building, with red sandstone exterior, was in the midst of a $10.5 million facelift at that time.
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Crescent intends to make “significant capital investments and service upgrades” to the hotel, including its top two floors, known as the “Top of the Brown.” The changes would fit in with an ongoing trend in Denver. With 47,000 guest rooms in the city now competing for travelers’ attention, many hotels are investing in renovations and updates.
“Denver’s lodging market is robust as it has outpaced both the Top 25 markets and national average over the last five years,” Suszynski said in the release. “We believe future demand is fueled by exceptional employment and visitor growth which makes the Brown Palace hotel complex an exciting investment for Crescent.”
As first reported by the Denver Business Journal in April, the purchase will prompt the replacement of the Brown Palace’s current management. Frequent Crescent partner HEI Hotels and Resorts has been tapped to take over day-to-day operations there. HEI runs three other hotels in Colorado: Wildwood Snowmass Village, Westin Snowmass Resort and Westin Westminster.
The Palace will continue to be affiliated with Marriot Hotel’s Autograph Collection of accommodations.
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