Crescent Buys The Brown Palace
Historic Denver hotel changes ownership, plans update for guestrooms, suites
The historic Brown Palace Hotel and Spa in downtown Denver has sold to Crescent Real Estate LLC of Fort Worth, Texas. The new owner has appointed Norwalk, Connecticut-based luxury management team HEI Hotels & Resorts to operate the property with plans to invest in renovations to the hotel’s 241 guestrooms, as well as its Top of The Brown suites.
Crow Holdings of Dallas sold the hotel, which is part of Marriott Intl.’s Autograph Collection, through a Delaware-based LLC for $125 million, the Denver Business Journal reports.
Founded in 1892, The Brown Palace is home to six restaurants and a coffee shop, including the Palace Arms; Ship Tavern, the oldest restaurant in the hotel; and Ellyngton’s, known for attracting local power players including politicians and business professionals.
Encompassing two floors, the 5,200 sq. ft. spa offers six massage and treatment rooms; Swiss showers; steam areas with aromatherapy; and a nail and hair salon. With more than 20,000 sq. ft. of meeting and event space, The Brown Palace regularly hosts community gatherings and performances. Over its 125-year history, the property has welcomed such high-profile guests as elected officials, celebrities and royalty, including nearly every U.S. president since Teddy Roosevelt, hotel representatives say.
“Crescent was able to secure the iconic hotel in a strong market that we know well,” says Conrad Suszynski, co-ceo of Crescent Real Estate LLC. “[The company’s] owned and operated commercial real estate in Denver and Colorado for years.”
Suszynski adds: “HEI is a leading independent hotel manager that we’ve partnered with to operate several hotels we’ve purchased in the past two years. [It’s] a natural fit to operate The Brown Palace Hotel Complex.”
An exterior statue at The Brown Palace. Photo: Courtesy of The Brown Palace.