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1/09/24
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Eagle Point Hotel Partners purchased Ascent on Main, a 51-key boutique hotel in Colorado, for $8.25 mil ($161.7k/room). The property is located at 18595 Main St in Parker, a growing southeast suburb of Denver.
Ascent on Main opened its doors in late 2019. The four-story hotel is situated on 1.64 acres and includes 51 luxury rooms, meeting rooms, an open-air promenade, and three food and beverage outlets. Along with the hotel food and beverage operations, there are pedestrian-friendly, retail spaces surrounding the hotel.
Additionally, there are planned residential and retail developments including a movie theatre across the courtyard as part of a master-planned development that will add to the vibrancy of the local area and success of the retail and dining spaces as projects complete. Shea Meriden Office Park, a 1,600-acre project that features 3.5 msf of office space and 2,500 homes, is located three miles to the west of the property, providing significant demand for the hotel.
Chris Kilcullen with Avison Young represented the seller, Independent Bank, who oversaw the property while in receivership. Keen-Summit Capital Partners, a real estate brokerage and workout firm and an investment banking firm specializing in special situations, restructurings, and bankruptcies, was also part of the marketing process in conjunction with Avison Young. The buyer was self-represented.
“After an extensive marketing process, Eagle Point Hotel Partners stood out as the perfect owner for this asset. The firm is a highly experienced boutique operator with creative solutions to challenges that have held this property from meeting its full potential. The ownership plans to invigorate the food and beverage component, enhance the already upscale rooms, and create an experiential environment for travelers in this ever-expanding market,” said Kilcullen.
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