Hotel near Denver available

Real Estate Alert, Feb 18, 2004

A private group is shopping a Denver-area hotel with an estimated value of $55 million.

The 367-room Westin Westminster is located in Westminster, about 10 miles north of Denver. The occupancy rate is close to 80%, with room rates averaging $170.

The seller, Inland Pacific of Portland, Ore., built the property five years ago and partially remodeled it the following year. Inland has given the listing to Eastdil Realty.

The Class-A hotel, at 10600 Westminster Boulevard, is expected to fetch about $150,000/room. The property accommodates banquets and conferences, having more than 30,000 square feet of meeting space and another 30,000 sf of outdoor-function space. It also includes a ballroom, lounge and sauna.