Hotel Teatro operates at 1100 14th St. in Denver. (Courtesy Hotel Teatro)
After buying the Hotel Teatro in downtown Denver nearly two decades ago, its owners have decided to check out.
Maryland-based RLJ Lodging Trust purchased the 83,000-square-foot, 110-room Hotel Teatro at 1100 14th St. last week.
Public records show the real estate sold for $35.5 million, or about $323,000 a room. Hotel transactions sometimes have a personal property component that isn’t included in public records.
The seller was a joint partnership of the Bay Area-based DiNapoli Capital Partners and Tamarack Capital Partners, which has offices in California, Salt Lake City and Vail. Both are real estate investment firms with large hospitality portfolios.
RLJ did not respond to a request for comment by press time. Tamarack Capital Partners CEO Heather Turner confirmed a sale to BusinessDen.
“We are selling the property to a great organization that we are confident will maintain and elevate Hotel Teatro’s standing as Denver’s original boutique hotel,” she said in a statement.
The eight-story hotel sits at the corner of 14th and Arapahoe streets. The real estate last sold for $31 million in 2006, records show.
The building’s lobby and first floor were renovated in 2014 to make way for the opening of a hotel restaurant, The Nickel, and event space The Study. In 2018, its guest rooms were upgraded. The projects cost a combined $6 million, according to a 2018 article in 5280.
A former office building for Denver’s tramway service, the space was converted in the 1950s for use by the University of Colorado at Denver. In the late 1990s, developers Michael Brenneman and Jeff Selby spent $18.5 million to turn the building into a hotel, according to a 2006 Denver Post article. The hotel opened in 1999.
RLJ, the buyer, has a portfolio of 96 hotels across 23 states and Washington, D.C., with about 21,200 rooms between them, according to its website. The firm reported $324.4 million in revenue in the first quarter of 2024. The company’s stock closed at $9.57 a share Friday, down nearly 20 percent since Jan. 1.
Hotel Teatro operates at 1100 14th St. in Denver. (Courtesy Hotel Teatro)
After buying the Hotel Teatro in downtown Denver nearly two decades ago, its owners have decided to check out.
Maryland-based RLJ Lodging Trust purchased the 83,000-square-foot, 110-room Hotel Teatro at 1100 14th St. last week.
Public records show the real estate sold for $35.5 million, or about $323,000 a room. Hotel transactions sometimes have a personal property component that isn’t included in public records.
The seller was a joint partnership of the Bay Area-based DiNapoli Capital Partners and Tamarack Capital Partners, which has offices in California, Salt Lake City and Vail. Both are real estate investment firms with large hospitality portfolios.
RLJ did not respond to a request for comment by press time. Tamarack Capital Partners CEO Heather Turner confirmed a sale to BusinessDen.
“We are selling the property to a great organization that we are confident will maintain and elevate Hotel Teatro’s standing as Denver’s original boutique hotel,” she said in a statement.
The eight-story hotel sits at the corner of 14th and Arapahoe streets. The real estate last sold for $31 million in 2006, records show.
The building’s lobby and first floor were renovated in 2014 to make way for the opening of a hotel restaurant, The Nickel, and event space The Study. In 2018, its guest rooms were upgraded. The projects cost a combined $6 million, according to a 2018 article in 5280.
A former office building for Denver’s tramway service, the space was converted in the 1950s for use by the University of Colorado at Denver. In the late 1990s, developers Michael Brenneman and Jeff Selby spent $18.5 million to turn the building into a hotel, according to a 2006 Denver Post article. The hotel opened in 1999.
RLJ, the buyer, has a portfolio of 96 hotels across 23 states and Washington, D.C., with about 21,200 rooms between them, according to its website. The firm reported $324.4 million in revenue in the first quarter of 2024. The company’s stock closed at $9.57 a share Friday, down nearly 20 percent since Jan. 1.
