Brown Palace hotel sells for $125M

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The Brown Palace Hotel and Spa sold for $125 million to Crescent Real Estate. (Brendan Pedersen)

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.

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The Brown Palace Hotel and Spa sold…

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