MONTROSE, COLO. (August 1, 2022) — Wharton Hospitality, an operating platform of real estate investment firm Wharton Equity Partners, announced today that they have sold the Holiday Inn Express & Suites in Montrose, Colorado. The buyer and purchase price were not disclosed.
Wharton purchased the 122-key building during 2011 in an off-market transaction with a local lender. The acquisition was made in partnership with an affiliate of Waramug Hospitality, a national hotel investment firm.
In the subsequent years, the partnership oversaw a multi-million dollar renovation effort to enhance the property’s long-term value, and secured a renewed franchise agreement with Holiday Inn Express. Management of the hotel was taken over by IHG, which embarked on a significant marketing program than resulted in a dramatic increase in REVPAR.
“This transaction is a testament to the success of Wharton Hospitality’s core investment strategy, focused on the purchase and repositioning of well-located hotels in select, high-growth markets,“ said Peter C. Lewis, Chairman of Wharton Hospitality. “This asset’s position in the heart of a prime year-round tourism destination, along with the efforts of our firm and our partners, has allowed us to realize significant returns for our partners. We are proud to finalize this sale, and we look forward to exploring other opportunities in the hospitality market in the months and years ahead.”
Originally constructed in 1997, the hotel is located off of US Route 550, approximately 60 miles southeast of Grand Junction, Colo. and 60 miles north of Telluride Ski Resort in Telluride, Colo. On-site amenities include several meeting rooms, a full liquor bar, outdoor barbecue area, indoor swimming pool and fitness center, and many guests arrive from the Montrose Regional Airport, located just three miles away.
Wharton Hospitality invests in limited-service hotels in high-barrier to entry markets, with a focus on centers on strong, branded properties such as Marriott, Hilton, Hyatt and IHG. Other significant assets in its portfolio include the Sheraton Miami Airport Hotel in Miami, Fl., and The Hilton Lexington Downtown in Lexington, Ky. In addition, Wharton Hospitality is expanding into “lifestyle” lodging where the focus in more on leisure customers versus corporate.
The transaction caps a busy month for Wharton Equity Partners, which also completed the sale of ‘Eve at the District’ – a 400,000-square foot mixed-use project in Miami, Florida, through its Wharton Urban platform.
