Portman Holdings and Hensel Phelps announced today that Union Tower West, the vertically-stacked mixed-use development at 1801 Wewatta Street in Denver’s Union Station neighborhood, will begin construction with a groundbreaking ceremony on April 9. The building’s 180-room hotel will be a Hotel Indigo® hotel—IHG’s (InterContinental Hotels Group) upscale boutique brand. Canyon Capital Realty Advisors has provided equity financing and Regions Bank will provide a construction loan for the approximately $92 million development.
“Canyon is excited to be part of the transformation of Denver’s downtown by partnering with an experienced development team,” said Marti Page, Senior Director at Canyon Realty.
Plans for Union Tower West include a 210,000-square-foot mixed-use development featuring 100,000 sq. ft. of Class A office space and the Hotel Indigo® hotel accompanied by 10,000 sq. ft. of food and beverage concepts.
“We feel that the design of this building, and its vertically stacked multiple uses, complement and enhance the appeal of LoDo, where we’re thrilled to be developing property,” said Portman Holdings CEO Ambrish Baisiwala. “We know that the Hotel Indigo® brand approach will bring a strong local feel and the character of the Union Station neighborhood to life within this distinct property.”
John Portman & Associates is providing architectural services, and general contractor Hensel Phelps plans to complete construction within 20 months. Travis Garland of Portman Management Company is collaborating with Colliers International for office leasing activities.
About Portman Holdings
Throughout the past 60 years, Portman Holdings has developed over 50 million square feet of premium real estate around the world with a focus on hospitality, office and mixed-use properties. The vertically integrated real estate development, investment and management company commands a successful global network and has a proven track record with the world’s top financial institutions. Teams in the company’s global offices seamlessly connect to develop, finance and manage a diverse portfolio in the world’s core and emerging markets. Portman Holdings continues to achieve success through investor, partner and client relationships that deliver exceptional real estate projects. For additional information, visit www.portmanholdings.com and follow the company on Twitter via @PortmanRE.
About Hensel Phelps
HENSEL PHELPS Plan. Build. Manage. From planning and design to construction and facility management, Hensel Phelps works to solve their clients’ challenges from start to finish, and beyond. Hensel Phelps clients, both domestic and international, have entrusted them with a tremendous range of landmark projects, in nearly every market sector. Established in 1937, the employee-owned company delivers value through their People, Processes, Partnership and Technology, collectively recognized as The HENSEL PHELPS Way. Visit www.henselphelps.com and follow the company on Twitter via @HenselPhelps
About Hotel Indigo
The Hotel Indigo® brand is a global boutique hotel brand that delivers a refreshing and inviting guest experience that is truly reflective of the local community. From the locally-inspired murals to the renewal program where the music, scent, and menu items change throughout the year, each Hotel Indigo hotel delivers a vibrant, engaging and genuine boutique experience that gives guests the confidence to step out and explore the local neighborhood. Each Hotel Indigo property is unique and designed to reflect the local culture, character and geography of the surrounding area while brand hallmarks ensure consistent and reliable service from location to location. No two hotels are the same. There are 61 Hotel Indigo hotels open around the globe. With a quality global pipeline of 63 hotels, the Hotel Indigo estate is set to nearly double in size to more than 100 properties within the next three to five years. For more information or to make a reservation, visit www.hotelindigo.com. Find us on Twitter www.twitter.com/hotelindigo or Facebook www.Facebook.com/hotelindigo.
About Canyon Capital Realty Advisors
Canyon Capital Realty is the real estate direct investing arm of Canyon Partners LLC (Canyon). Founded in 1990, Canyon and its affiliates are investment management firms headquartered in Los Angeles, with approximately $24 billion in assets under management.
Canyon Capital Realty focuses on providing value-added debt and equity capital to real estate owners, operators, developers, mortgage lenders and corporations involved in time-sensitive and complicated projects, as well as on markets and transactions that are often overlooked, misperceived and difficult to underwrite. Since inception, Canyon Capital Realty has invested over $5.5 billion of capital in commercial real estate and mortgage transactions with a total capitalization of $14.5 billion through its distinct real estate investment platforms.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $120 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, mortgage, and insurance products and services. Regions serves customers in 16 states across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,650 banking offices and 2,000 ATMs. Additional information about Regions and its full line of products and services can be found at www.regions.com.
About John Portman & Associates
John Portman & Associates (JPA) is an internationally renowned architectural design firm with offices in Atlanta and Shanghai. Established in 1953, JPA has over 60 years of expertise in designing hotels, offices, residences, and mixed-use urban complexes. JPA projects can be seen in more than 60 cities worldwide. The firm’s architecture transcends national borders by striving for universal human appeal, delivering a memorable experience for users and a sound investment for owners and operators. For more information on John Portman & Associates, visit www.portmanusa.com and follow the company on Twitter via @JPortmanAssoc.