Matt Joblon has checked out of another of his Cherry Creek hotels.
The head of Denver-based BMC Investments sold his 170-room Moxy hotel at 240 Josephine St. late last month to Maryland-based RLJ Lodging Trust.
Denver-based Sage Hospitality Group will manage the hotel going forward.
The sale price was $51.3 million, or about $301,000 per room. BMC opened the Moxy in November 2017.
Joblon said he hired a broker last year and authorized him to approach about seven or eight specific buyers. BMC wasn’t fully committed to selling, but received an offer that exceeded the number the company had in mind, and that thus “made a lot of sense for our investors.”
“There was a period of time in the last six, nine months that there was a tremendous amount of capital looking to buy high-quality hotels in markets with a high barrier to entry,” Joblon said.
Joblon has developed three other hotels. He completed Halcyon at 245 Columbine St. in 2016, and sold it in 2019, although he said he maintained a minority stake. And he still owns a Hyatt House in Aurora and the Clayton Members Club & Hotel, which opened at 233 Clayton St. last year.
Moxy is a relatively new brand from Marriott. Joblon said the Cherry Creek hotel was the first ground-up Moxy hotel to be completed, preceded only by a handful of conversions from other brands.
The hotel is cheaper than others in Cherry Creek. Rooms for a night next week started at $170 on the hotel’s website, compared to $309 at Halcyon and $270 at the J.W. Marriott.
“We delivered something desperately needed in Cherry Creek, which was a great lodging option that was affordable,” Joblon said.
RLJ Lodging Trust is “built to own hotels long-term,” Joblon said, praising the company. He said BMC is prepared to own all its projects long-term, but it doesn’t always make sense to do so.
“We have a much more flexible view about what is best for our investors,” Joblon said.
BMC has also developed office buildings in Cherry Creek. Joblon said he hopes to break ground on another one at 235 Fillmore St., which is currently a parking lot, in April.
RLJ owns five other hotels in the Denver and Boulder area, according to its website. Its holdings include the Fairfield Inn & Suites at 1680 S. Colorado Blvd. and the Marriott at 10345 Park Meadows Drive in Lone Tree.