Colorado Real Estate Journal -
A local group bought the Holiday Inn Denver Central for $5.5 million, rebranding it at closing as a Ramada Plaza. DM Hotels of Denver sold the 201-room hotel to Central Lodging LLC, which owns other hotels in the Denver area. The hotel drew a large national and local audience because it offered multiple branding options and because of its strategic location in Denver, said Mark Darrington of CBRE Hotels. Approximately 18 miles from Denver International Airport, the hotel sits just northwest of the intersection of Interstates 25 and 70, close to downtown Denver. “People like to be as near downtown as possible,” Darrington commented.
“With such a large buyer pool, we were able to close the transaction quickly, allowing the seller to extricate from long-term ties to the hospitality industry and enabling the buyer the opportunity to reposition the property in the neardowntown submarket.” Opened in 1967, the newly branded Ramada Plaza is midscale full-service hotel that includes interior-corridor rooms, Teddy’s Restaurant & Club and 3,167 square feet of meeting space. It occupies a 6.1-acre site. Darrington and Larry Kaplan of CBRE Hotels’ Denver office, along with Lisa Hankamer and Bert Stevens of the group’s office in Houston, represented the seller in the transaction. It was the second hotel in Colorado sold by CBRE Hotels on behalf of the seller.