Who needs the Residence Inn when you have the Ritz?
That’s the thinking of Orlando-based Xenia Hotels & Resorts Inc., which has sold the Residence Inn by Marriott Denver City Center, four months after buying The Ritz-Carlton in Denver.
Xenia said in a December 20 news release that it sold the Residence Inn for $92 million, or about $403,500 per key. The hotel, which is located at 1725 Champa St., two blocks from the 16th Street Mall in the Central Business District, has 228 suites.
The buyer was Atlanta-based Noble Investment Group.
Xenia purchased the 13-story Residence Inn in April 2013 for $80 million, and completed a $6.2 million renovation in 2018. The company also owns the nearby Hotel Monaco.
In a statement, the company’s CEO, Marcel Verbaas, said the sale of the Residence Inn was linked to Xenia’s August purchase of the Ritz for $100.25 million.
“While we view Denver as a core market for the Company, our recent acquisition of The Ritz-Carlton allowed us to further reduce our select-service holdings through the sale of this hotel,” Verbaas said.