CRESCENT REAL ESTATE ACQUIRES THE KIMPTON MONACO IN DENVER

FORT WORTH (December 19, 2022) – Crescent Real Estate LLC (Crescent) acquired the Kimpton Monaco Denver (Kimpton), a 189-key full-service hotel in the heart of downtown Denver. The Kimpton is located in two historic buildings, the Railway Exchange Building built in 1917 and the Art Moderne Title Building built in 1928, which were converted by Kimpton in 1998 into a full-service hotel. The Kimpton contains 8,200 square feet of meeting space and is home to the renowned Panzano Restaurant & Bar.

The Kimpton’s central location in downtown Denver provides convenient access to the diverse corporate concentration within the Central Business District (CBD) as well as the area’s most popular districts including LoDo and RiNo. Guests of the Kimpton are within minutes of leading attractions including the 50,000-seat Coors Field, 20,000-seat Ball Arena, 76,000-seat Empower Field at Mile High, and are walking distance to the 584,000-square-foot Colorado Convention Center. The Kimpton is also located a block away from 16th Street Mall, which is considered Denver’s ‘Main Street’ and is undergoing a $150 million renovation.

Crescent plans to conduct a modest renovation focused on upgrading the meeting space and restaurant on the heels of an extensive renovation to the hotel’s guestrooms and lobby in 2019. Additionally, Crescent will convert the hotel to a Kimpton franchise and replace the former brand manager with HEI Hotels and Resorts as operator.

Jason Anderson, Co-CEO of Crescent stated, “Crescent is pleased to announce the acquisition of the Kimpton Monaco Denver to our hospitality portfolio. In addition to our ownership of The Brown Palace and Holiday Inn Express, the Kimpton Monaco adds another enviable flag to one of our favorite markets. As owners of the Kimpton Brice in Savannah, Georgia, we believe in the strength of the Kimpton brand, especially in the Denver market with limited IHG inventory.

“Our planned renovation will further improve the offering for our guests by updating the meeting space and the acclaimed Panzano Restaurant and Bar. We believe strongly in the Denver market and remain convicted it will continue to benefit from strong demographic and economic tailwinds that will position the city as a net-winner moving forward,” stated Anderson.

HEI Hotels & Resorts, a nationally recognized hotel management firm with extensive experience managing hotels of all categories throughout the United States will be manager as well as investor with Crescent.