Hotel Investors Target Denver
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|One of the nation's top hotel salesmen says investors are hungry for hospitality. And they really, really like Denver.|
|Hospitality Real Estate Counselors CEO Michael Cahill tells us hotel investment is very strong in Denver and across the nation. (We guess people are back to vacations, business trips, and visiting their secret second families.) Investors around the country like Denver, "and it’s high on the target list," he says, downtown in particular. Evidence: Michael tells us he has three Fairfield Inns in metro Denver under contract with an undisclosed buyer and is bringing two TownPlace Suites to the market soon.|
|But there's a disconnect. RevPAR growth is slowing. Although it's projected to be up 5% over 2011 this year, given the bullish Denver economy, Michael says he was expecting better increases in annual RevPAR. They have grown, just not as rapidly. “I think you’re just reflecting the economy as a whole,” he says.|