The Thompson Hotel at 1616 Market St. (BusinessDen file)
A local firm is checking into the Thompson Hotel with a $95 million buy.
McWhinney, a real estate investor and developer headquartered in downtown’s Dairy Block, purchased the 11-story, 216-room hotel a few streets over at 1616 Market St. for $440,000 a room, public records show.
The business financed the deal with a $64 million loan from Värde Partners, a Minneapolis-based lender and investor.
California-based T2 Hospitality, which developed and opened the Thompson in 2022, was the seller in the deal. It had an outstanding $50 million loan from East West Bank on the property.
Rates for a standard room with a single king bed go for around $365 a night, per the hotel’s website. The building has a handful of suites, too, in addition to Chez Maggy, the French restaurant on the ground floor. A social lounge and bar is also included on the building’s sixth floor.
The hotel is managed by Hyatt, which runs about twenty Thompson-branded hotels around the globe.
This is McWhinney’s second downtown hotel buy in about four years. It purchased the 180-room Hotel Indigo near Union Station for $38.5 million at the end of 2020.
In total, the company owns 15 hotels, including other downtown spots like The Crawford Hotel at Denver Union Station and The Maven at Dairy Block.
Seller T2 no longer has any hotel holdings in Colorado, per its website. Around the time it developed the Thompson, it also purchased a parking lot nearby at 1689 Blake St. to build an eight-story hotel. That project never materialized, and at the end of 2022, the site was taken control of by CitizenM Hotels, a Netherlands hotel developer, operator and investor, public records show.
T2 hasn’t completely washed its hands of the Thompson, however. The firm is currently suing DLR Group, the architecture firm that designed the hotel, accusing it of fraud and costly construction delays. That matter is still ongoing, with a trial slated to take place in September, court records show.
The Thompson Hotel at 1616 Market St. (BusinessDen file)
A local firm is checking into the Thompson Hotel with a $95 million buy.
McWhinney, a real estate investor and developer headquartered in downtown’s Dairy Block, purchased the 11-story, 216-room hotel a few streets over at 1616 Market St. for $440,000 a room, public records show.
The business financed the deal with a $64 million loan from Värde Partners, a Minneapolis-based lender and investor.
California-based T2 Hospitality, which developed and opened the Thompson in 2022, was the seller in the deal. It had an outstanding $50 million loan from East West Bank on the property.
Rates for a standard room with a single king bed go for around $365 a night, per the hotel’s website. The building has a handful of suites, too, in addition to Chez Maggy, the French restaurant on the ground floor. A social lounge and bar is also included on the building’s sixth floor.
The hotel is managed by Hyatt, which runs about twenty Thompson-branded hotels around the globe.
This is McWhinney’s second downtown hotel buy in about four years. It purchased the 180-room Hotel Indigo near Union Station for $38.5 million at the end of 2020.
In total, the company owns 15 hotels, including other downtown spots like The Crawford Hotel at Denver Union Station and The Maven at Dairy Block.
Seller T2 no longer has any hotel holdings in Colorado, per its website. Around the time it developed the Thompson, it also purchased a parking lot nearby at 1689 Blake St. to build an eight-story hotel. That project never materialized, and at the end of 2022, the site was taken control of by CitizenM Hotels, a Netherlands hotel developer, operator and investor, public records show.
T2 hasn’t completely washed its hands of the Thompson, however. The firm is currently suing DLR Group, the architecture firm that designed the hotel, accusing it of fraud and costly construction delays. That matter is still ongoing, with a trial slated to take place in September, court records show.
