Colorado Real Estate Journal - January 6, 2016
The owner of Colorado’s largest hotel, the Sheraton Denver, sold the long-term ground lease under the building for $210 million and will continue to own and manage the property. Chartres Lodging Group sold the land at 1550 Court Place to a group comprised of New York based David Werner Real Estate Investments and AVR Realty. “It was accretive to the overall value of the hotel,” said Maxine Taylor, Chartres Lodging executive vice president of asset management. Chartres has owned and managed the 1,231-room Sheraton Denver since 2008. It completed a $70 million renovation in 2009 and is planning for the next round of improvements, to include all of the soft goods – linens, carpeting and drapery – in 2017. Located on the 16th Street Mall, the hotel includes 133,000 square feet of meeting space as well as on-site parking.