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Stoneridge Capital Partners Acquires Two Denver Holiday Inn Hotels
161-room Holiday Inn & Suites and 139-room Holiday Inn Express mark firm's entry into the Denver hospitality market.
COSTA MESA, CA, August 20, 2010 /Franchise PR News/ -- Stoneridge Capital Partners, a Newport Beach, Calif.-based real estate investment company, has acquired two Holiday Inn hotels near the Denver International Airport. The acquisition of the 161-room Holiday Inn & Suites and 139-room Holiday Inn Express marks the firm's entry into the Denver hospitality market.
"Both hotels benefit from a high volume of business and leisure travel through the fifth-busiest airport in the nation," said Greg Merage, CEO of Stoneridge Capital Partners. "This acquisition places us in one of Denver's strongest submarkets and positions us for continued growth as we seek out additional high-quality hospitality assets with significant upside operating potential in the Denver metropolitan area."
Completed in 2009, the Holiday Inn & Suites at 6900 Tower Road and Holiday Inn Express at 6910 Tower Road offer a range of amenities, including a restaurant and bar, fitness centers, meeting rooms and business services.
Denver-based Stonebridge Realty Advisors, Inc., which operates a portfolio of approximately 50 hotels, principally in the Western United States, will manage the assets.
This represents Stoneridge's second hotel acquisition within the past year following the acquisition of the 119-room Hotel Highland in Phoenix in March, 2010. According to Merage, the firm will continue to pursue hotel investments within the Denver market, in addition to multi-family, office and retail opportunities.
With this purchase, Stoneridge has completed more than $185 million in acquisitions since 2009 through an active expansion of its real estate portfolio in California, Phoenix, Las Vegas, Hawaii and Denver.
About Stoneridge Capital Partners
Stoneridge Capital Partners is a Newport Beach, Calif.-based private real estate investment company. The company invests globally through real estate private equity funds, joint ventures and direct investments through a long-term investment philosophy focused on acquiring assets with optimum value. Funded internally, Stoneridge has the agility and flexibility to close quickly on transactions on an all-cash basis. Additional information on Stoneridge is available at www.stoneridgecp.com.
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