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1/29/21
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McWhinney, a Colorado-based real estate investment and development firm, closed out 2020 with the $38.5 mil purchase of Hotel Indigo Denver Downtown, a full-service, 180-key hotel located at 1801 Wewatta St in downtown Denver. The deal was financed with a $30.2 mil loan provided by PCCP LLC.
Built in 2017 as part of the Union Tower West Development, the hotel features 1.4k sf of meeting space, a fitness center, a business center, and a small pantry shop. Additionally, it includes an, 85+ seat restaurant that the new ownership will re-concept to cater to hotel visitors as well as to attract customers from neighboring apartment and office buildings.
In addition to re-concepting the restaurant, McWhinney has plans to embark on other property improvements, including highlighting the building’s main entrance to increase the sense of arrival; redesigning the lobby and front desk area; and improving the exterior signage and lighting.
“The hotel’s lower downtown location is directly adjacent to Union Station making this an attractive asset which is protected from new development and is positioned to capture strong business and leisure demand as Denver emerges from the pandemic” noted Matt Cochran, Vice President with PCCP. “Additionally, we expect the hotel will benefit from McWhinney’s hands-on hospitality management experience as the company owns and manages more than 3,000 keys and 17 hotels nationally.”
Hotel Indigo benefits from being in the heart of LoDo within immediate walking distance to Denver’s Union Station and Dairy Block, in addition to its proximity to art galleries, restaurants, major sports stadiums and entertainment venues, as well as more than 7,000 multifamily units and over 10 mf of office space. Union Station serves as a central transit hub in downtown Denver providing local, regional, and statewide transportation to over 100,000 passengers daily. In addition to its proximity to Union Station, Hotel Indigo is accessible from Interstate 25 and is approximately 23 miles from Denver International Airport.
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