Colorado Real Estate Journal - August 5, 2015
Starwood Hotels & Resorts Worldwide Inc. sold the Element Denver Park Meadows to a Texas-based group for $15.5 million. The hotel will continue to be affiliated with Starwood Hotels & Resorts. “The sale of Element Denver Park Meadows follows the recent high-profile sales of two of our hotel properties in The Luxury Collection, namely The Phoenician and the Gritti Palace,” Adam Aron, Starwood CEO, said in an announcement. “While this is a smaller sale, nonetheless it also marks continued progress in fulfilling our asset-light strategy and achieving our stated goal of $800 million in hotel sales by the end of 2015.” The purchaser, Denver II Hospitality LLC, didn’t return phone calls about the transaction. The Element Denver Park Meadows is a 123-room hotel with fully equipped kitchens, a 450-square-foot meeting space, indoor saline swimming pool and outdoor patio. Located at 9985 Park Meadows Drive in Lone Tree, just off C-470 and Interstate 25, it has quick access to the interstate and downtown Denver. “We look forward to working with Denver Hospitality to ensure the continued success of this property, which was one of our first Element hotels and remains an excellent representation of this stylish, eco-minded brand,” said Brian McGuiness, senior vice president of Starwood Specialty Select Brands.