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COLORADO REAL ESTATE JOURNAL
— December 16, 2015-January 5, 2016
Greater Denver
by Jill Jamieson-Nichols
Silverwest Hotels LLC’s grow-
ing list of hotels now includes
a premier property in its own
backyard.
Silverwest’s multimillion-dollar
acquisition of the Inverness Hotel
and Conference Center, on behalf
of Silverwest Hotel Fund(s) I/IA,
represents theDenver-based com-
pany’s first asset in the Denver
metro area.
“To have an anchor asset like
the Inverness
to add to
our portfolio
here, where
we’re based,
was
really
an important
accomplish-
ment for us,”
said Edward
Mace, who,
along
with
Charles Peck,
co- founded
the
hotel
i nve s tmen t
and manage-
ment compa-
ny in 2013.
Silverwest
Hotels will
spendmillions
i mp r o v i n g
the Inverness,
which it pursued in large part
because of the quality of the asset
and what’s going on all around it.
“For us, it started with a very
high degree of confidence inwhat
was happening in Denver and
the Front Range. The Inverness
itself is an exceptional property,
but what’s really going to drive it
is the strength of the economy in
Denver,” said Peck. “I think that’s
even compounded in southeast
Denver, where there is so much
going on in terms of corporate
business, retail business, Skyridge
(Medical Center) and the medical
industry that’s building here,” he
added.
“The opportunity to acquire the
crown jewel right in the middle of
that with an irreplaceable prop-
erty was more than we could
resist.”
Located at 200 Inverness Drive
West in Englewood, the Inverness
Hotel and Conference Center is
a 302-room property with 60,000
square feet of conference space
and an 18-hole golf club avail-
able to hotel guests. Destination
Hotels has managed and oper-
ated the hotel since 1995 and will
continue to do so under the new
ownership. Peck is a former presi-
dent of Destination Hotels and is
very familiar with the Inverness
– another reason Silverwest pur-
sued the asset.
Renovations will begin in 2016
andwill touchvirtually everypart
of the hotel, said Peck. “Our initial
focus and a lot of our attention
will be directed to the rooms,” he
said. “The rooms are at that point
in the cycle where they need to be
completely rethought and refur-
bished.”
It’s not uncommon for guests
to use iPads, computers and
smartphones simultaneously,
so enhancing the speed of con-
nectivity also will be part of the
upgrades, said Mace.
A Lowe Enterprises affiliate
sold the Inverness Hotel. The
price wasn’t disclosed, and Sil-
verwest Hotels said the recorded
price isn’t a true reflection of what
it paid for the property.
The Inverness Hotel and Con-
ference Center originally opened
in 1989 as the Scanticon Denver
Hotel. The property last year
underwent a $1.3 million renova-
tion to the lobby, entrance, event
corridors, and food and beverage
outlets.
“We look forward to imple-
menting a plan that will substan-
tially enhance the hotel’s appeal
and our guest’s experience,” said
Peck, adding the transition will
be seamless for guests. Complete
renovation of the guest rooms is
slated to begin in November 2016
and take three to four months to
complete.
The acquisition comes as Sil-
verwest Hotels opens newly
developed hotels in the Colorado
mountains: an element by Westin
in Basalt and a Hampton Inn &
Suites, a Hilton product, in Silver-
thorne. The company also owns
and operates the Waikoloa Beach
Marriott Resort & Spa in Hawaii.
Eastdil Secured represented the
seller in the transaction.
s
The hotel adjoins the Inverness Golf Club.
The Inverness Hotel’s lobby was renovated last year.
Charles Peck
Edward Mace
