EverWest Real Estate Partners is pleased to announce the closing of a Preferred Equity investment supporting the construction financing for a to-be-built, 233 room Hilton Garden Inn, located at 1917 Chestnut Place, which is near the Union Station in downtown Denver, CO.
The hotel will be constructed to an adjoining two-story, 3,224 square foot historic brick firehouse, which will be refurbished to serve as a restaurant and bar. Additional amenities will include two levels of underground parking, indoor pool, meeting space and patio bar.
The property is within walking distance of the Denver Union Station, Larimer Street, Coors Field and the downtown business district. There are more than 1,000 new residential units in the locale, which have been completed or are in the process of being completed within the vicinity of the property.
Tom McCahill, Managing Principal with EverWest, comments, "While the financing structure is complex, the value proposition is pretty straight forward: Capitalize on an excellent infill location with a great hotel brand in a thriving neighborhood market with solid hotel fundamentals."
Joe Chickey, Senior Director, stated, "We have been impressed by the sponsor team at Focus - in particular, their foresight and creativity around the project and the team they put together to design, build and manage the hotel and restaurant. Coupled with the history around the site and the firehouse, this will be an exciting project to be a part of."