In just three years, a Denver Tech Center hotel’s value shot up more than 65 percent.
Columbia-based Columbia Sussex Corp. bought the DTC’s Hyatt Regency hotel for $96 million, Denver city records show. The 451-unit hotel sold for about $212,860 per door.
The hotel sits on 4.5 acres at 7800 E. Tufts Ave. In addition to 451 rooms and suites, the Hyatt Regency Denver Tech Center comprises about 30,000 square feet of event space and the Root25 Taphouse & Kitchen restaurant. It was built in 1985, Denver real estate records show.
Rooms with a single king bed were listed for $189 per night on the hotel’s website on Monday afternoon.
Texas-based JMI Realty sold the hotel to Columbia Sussex. JMI Realty bought the hotel in September 2013 for $57.6 million. Columbia Sussex declined to comment on the acquisition, and JMI Realty representatives did not return phone calls seeking comment on Monday.
Mike Cahill, CEO of hotel advisory firm Hospitality Real Estate Counselors, brokered the 2013 sale on the then-seller’s behalf. He said big deals like the Hyatt Regency sale typically happen downtown, but major national hoteliers are starting to poke around southeastern Denver.
“It shows how positively hotel investors view Denver, because it is not only a major, first-class, full-service hotel but it is actually in suburban Denver,” he said. “I think it really is a pat on the back for the metro Denver market.”