Got a spare $122.6 milion to spend perhaps on timeshare?

By Paula Moore. The Denver Business Journal

The Denver Marriott City Center, the metro area's fourth-largest hotel, is on the sales block again.

The 613-room hotel's Texas owner, Crescent Real Estate Equities Cos. of Fort Worth, put the hotel up for sale in 2004, then removed it from the market late last year. But the property is back on Crescent's roster of "properties held for sale," according to its Web site.

The hotel, located at 1701 California St. in downtown Denver, should sell for around $200,000 per room, or $122.6 million, according to hotel industry experts.

Many hotel owners continue to put properties up for sale to take advantage of a hot sales market prompted by availability of debt, low capitalization rates and strong performance by hotels, according to hotel experts."

There are a lot of people out there with money to spend on hotels," said Arvada hotel consultant Steve Hennis with Hospitium LLC. "They prefer to be in primary urban markets and in downtown locations."

Last year, hotel consulting firm HVS International of New York recorded more than 200 individual hotel sales of $10 million-plus per property, as well as another 123 hotels sold as part of portfolios. HVS has Denver and Boulder offices.

A publicly traded real estate investment trust (REIT), Crescent also owns the 675,000-square-foot Manville Plaza office building next to the Marriott City Center. The real estate company's metro-area portfolio consists of seven Denver-area office buildings with 2.2 million square feet of space. In the Colorado mountains, the REIT owns the 275-room Park Hyatt Beaver Creek Resort & Spa in Avon, as well as the Main Street Station timeshare property in Breckenridge and new-home lots in Eagle and Silverthorne.

...prime assests are thinning out...

Denver Marriott for sale - Denver - MSNBC.com

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