$55.1 million refinancing arranged by HFF for The Ritz-Carlton, Denver
DENVER, CO – April 6, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $55.1 million in refinancing for The Ritz-Carlton, Denver, a 202-room, full-service, AAA Five-Diamond award-winning, luxury hotel in downtown Denver, Colorado.
HFF worked on behalf of the borrower, Pearlmark, to place the floating-rate loan with the Canadian Imperial Bank of Commerce. Loan proceeds will be used to refinance an existing loan.
A best-in-class hotel since its 2008 opening, The Ritz-Carlton, Denver underwent $9.3 million in capital improvements between 2013 and 2015. The hotel features The Ritz-Carlton Club Level® with dedicated concierge and continuous food service throughout the day; Elway’s Restaurant, six-time winner of Wine Spectator’s Award of Excellence; Forbes Four-Star award-winning The Ritz-Carlton Spa; recently-renovated fitness center with adjacent salon; and access to the adjacent TruFit Athletic club with lap pool, Olympic weights and an indoor climbing wall. Additionally, the hotel offers 12,383 square feet of meeting and event space with access to the hotel’s Event Concierge, Technology Butler® services and a catering and entertainment team. Situated on .5 acres at 1881 Curtis Street, The Ritz-Carlton, Denver is in the epicenter of Denver’s corporate and entertainment district. Within walking distance from the hotel is Denver Union Station, with access to the light rail, Colorado Convention Center, Coors Field, Pepsi Center, Sports Authority Field at Mile High and more than 36.7 million square feet of office space.
The HFF team representing the borrower was led by senior managing director Eric Tupler, senior managing director and head of HFF’s hotel group Dan Peek and managing director John Bourret.
Chicago-based Pearlmark is a private equity real estate investment firm that pursues domestic, value-added and core/core-plus strategies through institutional commingled investment vehicles and separate accounts. Since its inception in 1996, the firm has made more than 500 office, industrial, retail, multifamily and mezzanine loan investments nationwide, representing a gross investment of over $12 billion. Pearlmark and its partners, including insurance companies, public and private pension funds, foundations and endowments, banks, corporations and high-net-worth individuals and families, have committed over $5 billion of equity capital to the firm’s investment activities. The company currently employs approximately 30 professionals. For more information, please visitwww.pearlmarkrealestate.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 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 hfflp.com or follow HFF on Twitter @HFF.