(Denver, CO):  Larry Kaplan, Senior Vice President, and Mark Darrington, Vice President in HREC Investment Advisors’ Denver office handled the recent closing of the 207-room Plaza Hotel Denver.

 

The former Quality Inn hotel had been foreclosed on earlier in the year by a local lender.  HREC sourced an overseas hotel buyer that was able to close on the transaction in under 30 days.

 

The hotel is situated at the northwest quadrant of the Interstate-25 and Interstate-70 interchange, making it easily accessible from downtown Denver and the surrounding metro areas. The property is proximate to several demand generators such as the Colorado Convention Center, the Denver Merchandise Mart and the Denver Coliseum. 

 

Larry Kaplan said “In this challenging economic environment for the hotel industry, we have found ourselves needing to continue to expand our pool of hotel investors outside of the traditional domestic investor pool. In this instance we had previously developed a relationship with an overseas hotel investor that had been looking to expand in the Denver market for several years.”

 

“The Plaza Hotel was the second bank owned hotel we sold over a two week period. As a national brokerage company focusing exclusively on the hospitality industry, we add industry specific expertise for lender owners. We are currently working in conjunction with several regional and national lenders on other hotel projects.” added Mark Darrington.

About HREC: HREC is the nation's leading lodging and gaming real estate advisory firm specializing in property sales, mortgage brokerage, equality/JV structuring, consulting (marketing studies and appraisals), asset management and litigation support.  Within fourteen offices throughout North America, HREC is distinguished by unwavering commitment to client service, thorough its team approach, intellectual capital and hotel/casino specialization.  HREC Investment Advisors is the real estate brokerage and investment banking arm of Hospitality Real Estate Counselors ("HREC").