Dealmaker: C&W Arranges $60M for Two Denver Hotels

Cushman & Wakefield, New York, arranged $59.6 million for two hotels on the site of Denver’s former Stapleton International Airport. 

C & W Senior Managing Director Daniel MacDonnell, Senior Director Steve Michels and Analyst Eric Melendez-Lluch advised Holualoa Cos., Tucson, when it sold the Holiday Inn Denver East Stapleton to Urban Commons LLC, Los Angeles.MacDonnell and Melendez-Lluch also arranged $19.7 in floating-rate financing with future draw capacity and prepayment flexibility for the purchase. 

The 299-room Holiday Inn Denver East Stapleton includes 20,000 square feet of meeting space.

Cushman & Wakefield also arranged $39.9 million to allow Urban Commons to purchase the Renaissance Denver, also in Stapleton. ASAP International Holdings, Los Angeles, advised Urban Commons on the acquisition.

“The Holiday Inn Denver East is located next to Renaissance Denver East, which brings several advantages to the same ownership group with same management,” ASAP CEO Frank Yuan said. 

MacDonnell said the Stapleton submarket’s strong and improving market fundamentals combined with Urban Commons’ anticipated renovations will allow the firm to substantially improve both hotels’ cash flow.