Denver-based Sage Hospitality Resources announced earlier today it has formed a joint venture with JP Morgan to buy the JW Marriott Denver at Cherry Creek from CDS Hotel Investors.
The purchased price was not disclosed.
The 196-room, $40 million JW Marriott hotel opened in June 2004. Sage Hospitality has managed the property since last summer.
“The location of the JW Marriott in Cherry Creek is the best in Denver,” said Walter Isenberg, president and chief executive of Sage Hospitality. “The hotel has achieved the highest revenue per available room in metro Denver and scored second in guest satisfaction for all Marriott Hotels in the U.S. since our company took over the management.”
Sage Hospitality has completed $1.1 billion in hotel acquisitions and developments in the past five years. It owns and operates 47 hotels in 21 states, including 15 in Colorado. Local properties include the Courtyard by Marriott on the 16th Street Mall and the historic Oxford Hotel.
The company is also in the midst of $30 million remodel of Denver’s shuttered Executive Tower Inn. The property, located at 1405 Curtis St., will reopen in December as a 336-room independent hotel called The Curtis.
Staff writer Julie Dunn can be reached at 303-954-1592 or at jdunn@denverpost.com.
