Downtown Denver to get 45-story Four Seasons hotel
The Denver Business Journal
Noelle Leavitt
After years of planning and negotiating, a new 45-story Four Seasons Hotel & Residences is coming to downtown Denver -- and it's being hailed as a five-star boost to the city's reputation.
Four Seasons, along with developers Michael Brenneman and Jeff Selby, announced at a press conference Tuesday that the luxury hotel and condominium project will break ground this July at the corner of 14th and Arapahoe streets. The project will contain 230 hotel rooms plus 102 condos, ranging in size from 965 to 6,100 square feet.
Completion is scheduled for fall or winter of 2009.
The project's value was previously estimated at $350 million. Brenneman would not give an exact cost for the project Tuesday, but said the value would be close to the original estimate.
Denver Mayor John Hickenlooper and Craig Reid, Four Seasons' senior vice president of operations, were on hand for the announcement.
"Somehow, over the years, what Four Seasons has created is that they really are the best," Hickenlooper said. "And a city can't reach that summit without a Four Seasons."
Finalizing the Four Seasons' deal was the culmination of a long journey for Benneman and Selby, formerly of Teatro Towers LLC, whose company is now called 1111 Tower LLC.
"They've been trying to get the Four Seasons deal for years," said Stephen Hennis of Hospitium, a hospitality research company. "The fact that it's gotten this far and they're able to break ground is a tribute to them."
In November of 2004, the developers unveiled a plan to build a luxury 50-story Four Seasons hotel and condominium property -- due to open this year -- on the site, but contract details and financing weren't final.
"That's always been a question mark," Hennis said about the financing. "They've been very tight-lipped about it."
Earlier this year, Selby and Brenneman said they had arranged a $200 million financing deal with Cairn Capital of London and that they had raised $31 million through the sale of the Hotel Teatro located across from the Four Seasons site.
At Tuesday's press conference, Brenneman said all the financing will come from Cairn Capitol of London. However, the exact amount was unclear.
"They're not going to be disclosing the [total] cost of the project," said Steven Shapiro, a spokesman for the developers.
It's not clear if some of the financing will come from condo sales, but the sales office opened Tuesday at the Denver Performing Arts Complex and reservations have already transpired.
"It's very fun to be fully opening our marketing center," Brenneman said.
Many believe that the Four Seasons will raise the prestige of Denver.
"I really think it helps solidify downtown Denver's place to move up to a five-star city," said Jim Kirchheimer, director of economic development for the Downtown Denver Partnership. "In addition to the Ritz-Carlton, it's a great addition to the skyline."
The 19-story Ritz-Carlton Hotel and residences is scheduled to open this fall at 1881 Curtis St. and will be Denver's first five-star hotel. The Ritz will have 202 hotel rooms, with 47 suites and 25 condominiums.
Four Seasons Hotels Inc. (NYSE: FS) is a publicly traded company, but the board accepted a purchase offer from a Saudi prince and a Bill Gates company earlier this year that will take the company private. The deal is expected to be finalized April 26, and is worth $3.8 billion.
The Four Seasons operates 73 hotels in 31 countries.
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