by 19 Sep 2022 | Hotel Projects, Projects, Refurbishments
Sage Hotel Management, a Sage Hospitality Group company, will be overhauling a 100-room hotel in Denver, USA, that it has just added to the Sage Independent Hotel Collection.
The Source Hotel + Market Hall, is a collection of retail spaces housing an array of independent retail and dining concepts in the heart of Denver’s River North (RiNo) Art District.
Sage will be managing the site, which was recently acquired for $61.9 million by Stockdale Capital Partners, a Los Angeles-based real estate investment firm.
The two companies will work together to invest in renovations and improvements in the coming months, including refreshing the hotel’s guestrooms, activating the lobby experience, and creating additional revenue drivers in the onsite retail space.
The Source first opened in 2018 and features a rooftop pool, 5,575 sq ft of event space, fitness and business centres, along with 44,000 sq ft of onsite food and beverage as well as retail in the adjacent Market Hall locations.
Sage Hotel Management’s president and chief operating officer, Daniel del Olmo, said: “The addition of The Source Hotel + Market Hall to our growing independent portfolio and the start of a new business relationship with Stockdale Capital Partners are an excellent representation of our journey towards becoming the nation’s undisputable lifestyle hospitality company,.
“For the past few years, we have been building out our team meticulously with experts in luxury, lifestyle and independent hospitality – from operations to sales, marketing and revenue, and everything in between. We now have over 170 talented and passionate team members in our headquarters that are eager to deliver meaningful results to our owners and investors, while enriching lives, one experience at a time. We look forward to fully realising the potential of this unique experience in RiNo Denver while bringing a new holistic perspective to the overall concept.”
Bill Doak, MD of hospitality for Stockdale Capital Partners, added: “The Source is an exciting addition to our portfolio of hotels across the country, and we’re thrilled to be working with an operator like Sage. Their long tenure in the industry and incredible depth of experience in Denver, coupled with their understanding of creating unforgettable hospitality experiences made them the perfect fit for this asset. We look forward to working together to build on the property’s success and taking it to the next level.”
The Sage Independent Hotel Collection encompasses 13 other independent properties including Catbird and The Rally Hotel, both in Denver, and Hotel Per La in downtown Los Angeles, with more to be announced in the coming months.
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