Colorado Real Estate Journal - May 4, 2016
A trio of Denver area Marriott Fairfield Inn & Suites hotels sold to an Arizona buyer. “The hotels are all located in stable submarkets within the Denver metropolitan statistical area, which is one of the top-performing hospitality markets in the country,” said Neville Rustomjee of Marcus & Millichap’s National Hospitality Group. “The properties’ geographical separation and prominent locations capitalize on a diverse array of demand generators, and the entire MSA is supported by a large employment base that attracts young, educated professionals from around the country,” he said. Rustomjee represented the seller, a Wyoming based hotelier, and procured the buyer. The portfolio included the: • Fairfield Inn & Suites Denver Aurora/Medical Center, an 82-room property at 13851 E. Harvard Ave. in Aurora; • Fairfield Inn & Suites Denver Tech Center/South, which includes 61 rooms and is located at 7056 E. County Line Road in Highlands Ranch; and • Fairfield Inn & Suites North/ Westminster, which has 82 rooms and is located at 12080 Melody Drive in Westminster. All are accessible from nearby interstate highways and existing or future light-rail stations that connect to downtown Denver and Denver International Airport. The portfolio’s current Marriott franchise agreement runs through 2027. “The new owner will benefit from Marriott’s market-leading brand recognition, which provides significant room nights from some of the most brand loyal guests in the lodging industry. All three hotels will undergo a property improvement plan this coming winter and will be refreshed under the new ownership,” Rustomjee said. Terms of the sale were not released, but public records show the total price was $20.49 million.