The Kimpton Hotel Monaco Denver is located on the corner of 17th and Champa streets. (Thomas Gounley)
The Texas firm that has owned the Brown Palace Hotel since 2018 has purchased another downtown hotel.
Fort Worth, Texas-based Crescent Real Estate bought the Kimpton Hotel Monaco Denver at 1717 Champa St. on Wednesday. The firm did not respond to a request for comment.
A deed recorded by Denver County this week showed the sale price as $50.79 million. But the seller, Orlando-based Xenia Hotels & Resorts, said in a Friday morning press release that the hotel sold for $69.75 million.
Either way, that’s less than what the building fetched the last time it sold. Inland American Real Estate Trust, which later spun off its hotel holdings into Xenia, paid $75 million for it in October 2013, according to a deed recorded at that time.
Xenia’s sale price represents $369,000 for each of the hotel’s 189 rooms. That doesn’t account for the building’s retail space, where the Italian restaurant Panzano operates.
As of Thursday afternoon, rooms started at about $200 a night this coming weekend, and $180 for a night in the middle of next week, according to the hotel’s website.
Crescent paid $125 million in 2018 for the Brown Palace and the connected Holiday Inn Express Denver Downtown.
The firm’s local holdings aren’t limited to hotels. The company developed the Platte Fifteen office building at 2373 15th St. and owns the nearby Riverpoint office building at 2300 15th St., as well as an apartment building in the Denver Tech Center. In August, Crescent also paid $83 million for a Cherry Creek office building and nearby retail space.
Xenia Hotels, meanwhile, still owns the downtown Ritz-Carlton hotel, which it bought for $100 million in 2018.
Editor’s note: This story has been updated to reflect the sale price as announced by Xenia Hotels & Resorts.
The Kimpton Hotel Monaco Denver is located on the corner of 17th and Champa streets. (Thomas Gounley)
The Texas firm that has owned the Brown Palace Hotel since 2018 has purchased another downtown hotel.
Fort Worth, Texas-based Crescent Real Estate bought the Kimpton Hotel Monaco Denver at 1717 Champa St. on Wednesday. The firm did not respond to a request for comment.
A deed recorded by Denver County this week showed the sale price as $50.79 million. But the seller, Orlando-based Xenia Hotels & Resorts, said in a Friday morning press release that the hotel sold for $69.75 million.
Either way, that’s less than what the building fetched the last time it sold. Inland American Real Estate Trust, which later spun off its hotel holdings into Xenia, paid $75 million for it in October 2013, according to a deed recorded at that time.
Xenia’s sale price represents $369,000 for each of the hotel’s 189 rooms. That doesn’t account for the building’s retail space, where the Italian restaurant Panzano operates.
As of Thursday afternoon, rooms started at about $200 a night this coming weekend, and $180 for a night in the middle of next week, according to the hotel’s website.
Crescent paid $125 million in 2018 for the Brown Palace and the connected Holiday Inn Express Denver Downtown.
The firm’s local holdings aren’t limited to hotels. The company developed the Platte Fifteen office building at 2373 15th St. and owns the nearby Riverpoint office building at 2300 15th St., as well as an apartment building in the Denver Tech Center. In August, Crescent also paid $83 million for a Cherry Creek office building and nearby retail space.
Xenia Hotels, meanwhile, still owns the downtown Ritz-Carlton hotel, which it bought for $100 million in 2018.
Editor’s note: This story has been updated to reflect the sale price as announced by Xenia Hotels & Resorts.
