Denver’s Brown Palace Hotel & Spa has sold for $125 million in its second time trading hands in the last four years.
Fort Worth-based Crescent Real Estate last week bought the 126-year-old landmark hotel and the adjacent Holiday Inn from an affiliate of Trammel Crow, according to Denver property records.
The price, $312 PSF, is a 21 percent increase from the $103 million it fetched when Crow bought it in 2014.
Crescent, which did not respond to emails or calls seeking comment, borrowed $80 million from Starwood Property Mortgage for the purchase, according to property records. The company said in a statement it plans to renovate the top two floors at Brown Palace – known as “Top of the Brown.”
Crescent now will control almost 500 hotel rooms downtown. Brown Palace on its website markets a room for Friday night at $250.
The hotel was built in 1892 and designed by architect Frank Edbrooke, who also designed the Oxford Hotel, among other Denver gems.
Marriott had a chance to buy the property but declined to exercise a “right of first refusal,” according to property records.