Crescent Real Estate puts Brown Palace Hotel and Spa and Holiday Inn Express in Denver up for sale

Crescent Real Estate has announced the sale of its prominent Denver hospitality assets, comprising the historic Brown Palace Hotel and Spa and an adjacent Holiday Inn Express. This divestment is a strategic move driven by the winding down of the investment fund that holds these properties. The Brown Palace, a landmark institution, paired with a modern, adjacent branded hotel, represents a significant and unique offering in the Denver market, appealing to investors seeking established income-generating assets with potential for value creation. Crescent Real Estate had previously acquired these two hotels from Dallas-based Crow Holdings for $125 million. This transaction is notable for the caliber of the assets involved and the institutional players facilitating the deal, with Newmark acting as the advisor. The sale underscores ongoing portfolio management and capital reallocation strategies prevalent among major real estate investment firms. For potential buyers, this represents an opportunity to acquire a diversified hospitality portfolio in a key U.S. metropolitan area, combining a high-end historic property with a more accessible, branded offering, thereby catering to a broad spectrum of travelers within the robust Denver hospitality market.