US: Orlando-based Xenia Hotels & Resorts Inc. has sold the Residence Inn by Marriott Denver City Center for $92 million.
The hotel, which is located at 1725 Champa Street, two blocks from the 16th Street Mall in the Central Business District, has 228 suites. The sale price equates to $403,500 per key
The buyer was Atlanta-based Noble Investment Group, which has been steadily acquiring extended stay properties over the last year.
Xenia purchased the 13-storey Residence Inn in April 2013 for $80 million, and completed a $6.2 million renovation in 2018. The company also owns the nearby Hotel Monaco and recently bought The Ritz-Carlton in Denver.
Xenia CEO Marcel Verbaas, said: “While we view Denver as a core market for the company, our recent acquisition of The Ritz-Carlton allowed us to further reduce our select-service holdings through the sale of this hotel.”
