Crescent Real Estate purchased the 189-room Kimpton Monaco Denver for $69.75 million or $369,048 per room from hotel real estate investment trust Xenia Hotels & Resorts, according to CoStar data.
Crescent, a Texas-based real estate investment, operation and development company, currently owns two other Denver hotels, The Brown Palace Hotel and Spa, Autograph Collection, and Holiday Inn Express Denver Downtown, an IHG Hotel. The Kimpton is located in two historic buildings that were converted by Kimpton in 1998 into a full-service hotel, according to a news release announcing the deal. The hotel also has 8,200 square feet of meeting space.
The transaction closed Dec. 8, according to CoStar data.
Located in downtown Denver, the hotel has access to several demand generators, including the 50,000-seat Coors Field, 20,000-seat Ball Arena, 76,000-seat Empower Field at Mile High, the Colorado Convention Center and 16th Street Mall.
Crescent has plans to complete a "modest renovation" of the hotel's meeting space and restaurant. The hotel already underwent an extensive renovation to its guest rooms and lobby in 2019.
“Our planned renovation will further improve the offering for our guests by updating the meeting space and the acclaimed Panzano Restaurant and Bar. We believe strongly in the Denver market and remain convicted it will continue to benefit from strong demographic and economic tailwinds that will position the city as a net-winner moving forward,” Jason Anderson, co-CEO of Crescent, said in the news release.
Connecticut-based hotel management firm HEI Hotels & Resorts will be manager of the Kimpton Monaco Denver as well as an investor with Crescent.