7 area extended-stay Marriott hotels sold
JER Partners, the private equity investment arm of the J.E. Robert Companies, announced Friday that it has purchased a portfolio of seven Colorado extended-stay Marriott hotels from Rocky Mountain Extended Stay LLP for $53 million.
Six of the hotels, all TownePlace Suites by Marriott, are in metro Denver; the other is in Colorado Springs.
Denver-based Sage Hospitality Resources, the original developer of the properties, will continue to manage the hotels, which total 785 rooms. HREC-Hospitality Real Estate Counselors in Englewood represented the seller.
“JER, which is an international investment company, is really making a $53 million bet on both the Denver economy turning around and the Denver hotel market being strong,” said Mike Cahill, president of HREC, a real estate consulting firm.
McLean, Va.-based JER said it plans “significant renovations” to the seven properties, focusing mainly on guest-room and public-area upgrades.
Satellite-imaging firms win contracts
Two Colorado satellite-imaging companies have received one-year government contracts worth $24 million apiece.
The National Geospatial Intelligence Agency awarded the contracts, which begin Feb. 1, to Longmont-based DigitalGlobe and Thornton-based Space Imaging for high-resolution commercial satellite imagery.
The contracts are part of a three-year award with a $500 million cap that the companies previously received.
Dulles, Va.-based Orbimage, which is acquiring Space Imaging, also received a one-year contract worth $12 million. Orb image’s $58.5 million purchase of Space Imaging is expected to be completed early this year.
