CREJ - Journal

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January 7-January 20, 2015 — COLORADO REAL ESTATE JOURNAL — Page 5
by Jill Jamieson-Nichols
A holding company that buys
U.S. hotels on behalf of Chinese
investors purchased the Shera-
ton Denver Tech Center for
$26.13 million, or $99,335 per key,
according to public records.
ASAP International Holdings
bought the 263-room full-service
hotel from an investment group
consisting of funds affiliatedwith
Varde Partners Inc., Waramaug
and Interstate Hotels. Interstate
Hotels & Resorts will continue
to operate the property, whose
guest rooms and meeting space
recently underwent a multimil-
lion-dollar renovation.
The hotel last sold in 2011 for
$9.1 million and has increased
in value with the renovation and
strengthening hospitality market.
Located at 7007 S. Clinton St.
in Greenwood Village, the Shera-
ton Denver Tech Center features
more than 12,000 square feet of
space for meetings, banquets and
other functions, along with a res-
taurant and lounge, fitness center
and outdoor pool.
“We are excited to acquire this
hotel in a growing submarket of
southeast Denver,” Frank Yuan,
ASAP International Holdings
CEO, said in an announcement.
“We were impressed by the
growth surrounding the hotel,
the quality of the asset and the
strength of the Sheraton brand.
This hotel was in line with our
strategy of purchasing cash-flow-
ing assets in growth markets and
we look forward to additional
acquisitions in the year ahead.”
Los Angeles-based ASAP
International Holdings is a hotel
investment adviser and asset
manager for Chinese institutional
and high-net-worth investors.
Mike Dube, Geoff Davis and
Mike Cahill of HREC Investment
Greater Denver
The Sheraton Denver Tech Center sold to a group that advises Chinese investors.
‘We
– Frank Yuan,
ASAP International Holdings
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