Amstar Sells Westin Westminster, CO
Westminster, COLORADO (January 12, 2017) – Denver-based Amstar announced the sale of Westin Westminster, a full service hotel and conference center in the Denver/ Boulder corridor. Built in 2000, the hotel features 370 rooms, over 39,000 square feet of meeting space and the acclaimed Kachina restaurant along Westminster Promenade - North metro Denver’s premier mixed use pedestrian village.
Amstar originally acquired the asset off-market in a joint venture with Inland Pacific (original developer) and Sage Hospitality, who has managed and operated the hotel since acquisition. In addition to numerous guest room, health club, and common area upgrades over the course of its hold period, ownership, in partnership with Sage Restaurant Group, re-branded the hotel restaurant as Kachina Southwestern Grill - a new award winning concept that will be opening a second location in downtown Denver in 2017.
The asset is being acquired by an affiliate of Wheelock Street Capital L.L.C., a private real estate investment firm based out of Greenwich, CT. Wheelock is partnering with HEI Hotels & Resorts - a hospitality owner and operator based in Norwalk, Connecticut. HEI owns and manages over 60 full-service, upscale and luxury hotels and resorts throughout the United States under brand names such as Marriott, Hilton, Embassy Suites, Westin, Le Méridien and Sheraton.
“Amstar is proud to have executed upon an ambitious repositioning plan with Sage that has resulted in a thriving hotel and conference center in our own backyard. It has been a pleasure partnering with Sage Hospitality, truly a best-in-class hotel and restaurant operator” commented Amstar Senior Vice President Brian Cornell.
Established in 1987 and headquartered in Denver, Colorado, Amstar is a real estate private equity company that acquires, develops and manages all major property types in the United States and in select international markets. In the United States, Amstar focuses on investing in high-quality and well-located office, multifamily, industrial, retail and hotel properties with value-add risk profiles. Amstar is a privately-owned company with over 38 professionals, and is based on a culture of trust, integrity, and respect. For more information, visit amstar.com.
About Sage Hospitality
Denver-based Sage Hospitality was founded in 1984 and since continues to lead the hospitality industry in hotel and restaurant management as well as real estate investment. Sage is known for outstanding relationships with hotel brands and creating places that people want to go to, not through, including 10 unique restaurant concepts by Sage Restaurant Group and independent luxury properties by Sage Hotels. To learn more about Sage, visit sagehospitality.com.
Wheelock Street Capital is a private real estate investment firm founded in 2008 by Merrick R. Kleeman and Jonathan H. Paul. Headquartered in Greenwich, CT and Boston, MA and backed by established institutional capital with deep financial resources, the firm focuses on real estate investment opportunities throughout North America. Wheelock has committed more than $3 billion in capital to 50+ transactions since inception across all asset classes.
Alongside extensive capital markets and investment management expertise, Wheelock has developed deep internal operational and management capabilities in targeted asset classes to provide a competitive advantage in a few areas of focus. This vertical integration of investment and real estate skill sets allows Wheelock to react quickly to changing fundamentals or investment opportunities and to maintain hands-on involvement at each stage of the investment process. Current focus areas include Hospitality, Residential Land and Retail, although the firm looks opportunistically at all asset classes. For more information about Wheelock Street Capital visit wheelockst.com.