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Argosy Real Estate Partners Invests in Holiday Inn Cherry Creek
On February 5, 2019, Argosy Real Estate Partners IV, L.P. and its parallel funds (“Argosy”), in partnership with Aimbridge Hospitality, made a controlling preferred equity investment in a 269-room, compact full-service Holiday Inn hotel located in the Cherry Creek submarket of Denver, Colorado. The seller, Cherry Creek Investment Group, an affiliate of DKC Hospitality, had owned the hotel for 20 years and will remain a minority partner in the new ownership group.
The hotel is situated within the affluent Cherry Creek neighborhood of Denver, Colorado, approximately 3.5 miles southeast of downtown Denver. The property consists of two nine-story towers constructed between 1968 and 1978 that have been renovated on several occasions, including a substantial renovation completed in 2013. The property includes a 215-stall parking garage, 7,400 sf of meeting space, a fitness center, pool, restaurant, and bar.
The business plan is to renovate and reposition the property to a DoubleTree by Hilton hotel. Common area renovations will include new finishes, architectural upgrades to the port cochere and façade, substantial upgrades to the hotel’s lobby and food and beverage outlets, and the complete renovation of the hotel’s meeting space. Aimbridge, Argosy’s partner, will provide property management services.
The hotel was acquired in partnership with Aimbridge Hospitality, an experienced hospitality management platform with substantial experience operating hotels in the DoubleTree system. Aimbridge currently manages a portfolio of 800 hotels with approximately 93,000 rooms, including fifteen DoubleTree hotels.