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1/18/17
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Focus Property Group has secured $69 mil in construction financing for the development of a 12-story, Hilton Garden Inn in Denver. The hotel, located at 20th St and Chestnut Place, adjacent to Denver’s Union Station, is being built around the historic Denver Hose Company No. 1 building, which will be restored and incorporated into the hotel.
The Hilton Garden Inn will contain 233 guestrooms and will feature banquet and meeting rooms, a fitness center and other hotel amenities. Davidson Hotels will be the operator of the hotel, Focus Property Group’s first hotel project.
Located in the heart of downtown Denver, Union Station acts as the city’s central transportation hub. The recently renovated train station features a unique mix of bars, restaurants and boutique shops.
Marc Sallette, David Treadwell, Mike Cantwell and Olga Lepow with CBRE Hotels’ Debt & Structured Finance teams in Houston and Denver arranged the 42-month, fixed and floating rate structured financing. It includes $18 mil in mezzanine debt as well as $8 mil in preferred equity. Bank of the Ozarks served as the senior lender, Artemis Real Estate Partners served as the mezzanine lender and EverWest Real Estate Partners served as the preferred equity lender.
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