RLJ Lodging Trust acquires Denver’s Hotel Teatro for USD35.5m

RLJ Lodging Trust a publicly traded real estate investment trust, has announced the acquisition of the fee simple interest in Hotel Teatro in Denver, US, for $35.5m.

Situated in the Denver central business district (CBD), the property has been redeveloped into an independent boutique lifestyle hotel by converting the Denver Tramway Company office building.

The 110-room property is expected to generate a stabilised yield exceeding 10%.

Hotel Teatro may take advantage of the redevelopment of the 16th Street Mall and Larimer Square and its proximity to Ball Arena, Coors Field, and Union Station, further strengthening its appeal to visitors.

It is also expected to benefit from its proximity to the Denver Performing Arts Complex, the Colorado Convention Centre, and the University of Colorado Denver.