McWhinney has landed a hotel west of Denver International Airport for $22.66 million.
The Colorado-based developer purchased the 123-room Hyatt House Denver Airport for $184,227 per room, putting it in line with recent hotel sales in the Denver metro area. The hotel was built in 2010.
The 3.2-acre property at East 72nd Avenue and Tower Road traded on May 11 from seller CPX DIA OPAG, LLC to McWhinney’s MH HHouse, LLC, city records show. The pair had been under contract since January, according to an agreement included in city documents.
McWhinney Real Estate Services VP of finance Joshua Kane did not return a message seeking comment Friday. Through MH HHouse, it received a $15.2 million loan from Community Banks of Colorado, a division of NBH Bank, in connection with the sale, according to Denver property records.
The seller is an entity related to real estate investment firm Corporex, city records show. Corporex senior vice president Nicholas J. Heekin, who signed sale paperwork, declined comment when reached by phone Friday.
Kentucky-based Corporex entered the Colorado market in 2004, going on to develop properties including the Embassy Suites at DIA in 2007 and the Art hotel and Museum Residences in Golden Triangle in 2015. Most recently, it opened the 250-room Hyatt Regency and conference center across from Anschutz Medical Campus.
City records show that Corporex is hanging onto an adjacent 8-acre parcel west of Hyatt House.
McWhinney, too, has been active in the Denver hotel scene. Its 172-room hotel at Dairy Block, The Maven, opened this spring. McWhinney also renovated The Crawford hotel in Union Station.
The most expensive hotel sale in the Denver metro area over the past two years was Embassy Suites Downtown/Convention Center, which traded for $421,836 per key in November 2015, according to research by JLL. The average metro area sale clocked in at $112,807 per unit over the same period.