A joint venture including Newport Beach-based Eagle Four Partners is investing $80 million for a major renovation at one of its largest hotel properties: the Sheraton Denver Downtown.
The hospitality investor and Atlanta-based High Street Real Estate Partners formed a Denver-based joint venture to buy the hotel last September for an undisclosed amount; officials with Irvine-based hotel brokerage and consultancy Atlas Hospitality Group said the hotel was appraised at $415 million in 2016.
The 1,231-room hotel is, for now, the largest hotel in Denver by room count and one of Sheraton’s flagship properties.
The renovation will upgrade public and private spaces, including the guest rooms and 133,000 square feet of meeting space, and add new amenities and dining options.
“Our substantial plan will continue to position the Sheraton as Denver’s premier group meeting and events hotel, benefitting from a close proximity to the best Denver has to offer, including the Convention Center, arts and sports venues, all in one of the nation’s hottest markets,” said Kory Kramer, a partner at Eagle Four.
The renovations, which have been planned since the group bought the property from San Francisco-based Chartres Lodging Group LLC, are expected to wrap by next April.
Sheraton Relaunch
It coincides with Marriott International’s relaunch of the Sheraton Hotels & Resorts brand, the third-largest brand in its portfolio.
Tempe, Ariz.-based Tynan Group LLC is the project manager and Denver-based Johnson Nathan Strohe is the lead architect. Other designers include Kay Lang & Associates and Gensler.
The hotel, situated on the 16th Street Mall in the financial and business district, first opened in 1960 as a Hilton property. It will no longer be the area’s largest hotel when the 1,500-room Gaylord Rockies Resort opens later this year. Marriott operates both properties.
Eagle Four’s local portfolio includes Huntington Beach’s Paséa Hotel & Spa, as well as the Balboa Bay Resort, Balboa Bay Club, and Newport Beach Country Club in Newport Beach.
