DENVER Interstate Hotels & Resorts has formed a joint venture with Waramaug Hospitality LLC and an investment management company to acquire the 262-key Sheraton Denver Tech Center for an undisclosed amount.
The hotel will remain flagged by Sheraton and will undergo a US$5.75 million renovation. Interstate will assumed management of the hotel upon completion of the acquisition.
“This is the only Sheraton-branded hotel in the high-density Denver Tech Center area, and we will use that to our advantage,” says Interstate CEO Tom Hewitt. “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.”
Renovations include a complete makeover of the guestrooms, public and meeting spaces, food and beverage and recreation areas. The renovation will be completed in 18 months and is not expected to be disruptive to guests.
“This is our first project with our partners, but it is our expectation that we will do many deals with them,” says Paul Nussbaum, Waramaug’s CEO. “We also expect to quickly and efficiently renovate and reposition the hotel to take full advantage of improving market fundamentals.”