Colorado Real Estate Journal -
The 481-room Red Lion Denver Southeast at Interstate 225 and Parker Road just came on the market for sale. Red Lion Hotel Corp. bought the hotel for $24.3 million in March 2008 and spent $8.5 million on renovations. It now has identified the property as a noncore asset. According to CBRE Hotels, which is marketing the property, Red Lion would be willing to extend a franchise on the property to a qualified buyer, and the hotel is in very good condition as a result of the renovations. It’s also possible the hotel could go to an alternative use, such as multifamily, assisted living or perhaps medical office, said Mark Darrington of CBRE Hotels. There is no asking price. “Initial interest has been very strong locally and nationally,” said Darrington. The full-service hotel includes 25,000 square feet of meeting space. It is within walking distance of the Nine Mile light-rail station and adjacent to the Cherry Creek Office Tower buildings and Cherry Creek State Park.