DENVER, CO – HFF announced today that it has arranged $51 million in financing for The Ritz-Carlton, Denver, a 202-room, luxury hotel in downtown Denver, Colorado.
HFF worked exclusively on behalf of the borrower, Pearlmark Real Estate Partners, to secure the three-year, floating rate loan through a joint origination effort by Annaly Commercial Real Estate Group, Inc. and Principal Real Estate Investors. Proceeds from the loan will be used to refinance an existing loan facility. The Ritz-Carlton Hotel Company, L.L.C. of Chevy Chase, Maryland will remain as manager of the property.
Originally completed in 1983, the building underwent a complete renovation and opened as The Ritz-Carlton, Denver in January 2008. The hotel occupies the first 14 floors of a 37-story tower, with the Apartments at Denver Place and the Residence XXV condominiums (not part of this transaction) occupying the upper levels. Hotel amenities include Elway’s Restaurant, 12,000 square feet of meeting space, a full-service spa and business center, as well as guest access and use of the FORZA Fitness and Performance Club with saltwater lap pool and full-size basketball court. The hotel is located on 0.5 acres and is bordered by 18th Street, 19th Street, Arapahoe Street and Curtis Street in downtown Denver’s Financial District. The property is the only AAA Five Diamond-rated hotel in the city.
The HFF team representing the borrower was led by senior managing director Eric Tupler, managing director John Bourret, director Josh Simon and real estate analyst Matt Gangaware.
Annaly Commercial Real Estate Group, Inc. (“Annaly Commercial”) specializes in acquiring, financing and managing commercial mortgage loans and other commercial real estate debt, commercial mortgage-backed securities and other commercial real estate-related assets. Annaly Commercial is a subsidiary of Annaly Capital Management, Inc. (“Annaly Capital”). Annaly Capital is a Maryland corporation that has elected to be taxed as a real estatetrust (“REIT”). Annaly Capital is traded on the New York Stock Exchange under the symbol NLY.
Principal Real Estate Investors manages or sub-advises $46.5 billion in commercial real estate assets. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.com or follow HFF on Twitter at www.twitter.com/hff.