ING Clarion Planning Luxury Hotel and Residences
"Village Center" In Greenwood Village
GREENWOOD VILLAGE, CO, July 24, 2006. ING Clarion Partners has announced plans to develop a 220-room four-star hotel with a 10,000 square foot main ballroom and an additional 10,000 square feet of meeting room space. The hotel development will also include a fine dining restaurant and at least 25 luxury residential units on top of the hotel.
ING Clarion will locate the hotel, residences, and restaurant immediately adjacent and to the north of its 470,000 sf Plaza Tower One office building, the premier office building in Southeast Suburban Denver. Plaza Tower One and the new hotel development are located in Greenwood Village's 55-acre mixed use development known as the Village Center at Arapahoe Station.
"Our market research has confirmed that Southeast Suburban Denver needs a four-star hotel" said Jeff Peshut, a Senior Vice President with ING Clarion Partners. "We believe our site's location within the Village Center at Arapahoe Station development and adjacent to Plaza Tower One make it the best luxury hotel site along the I-25 corridor."
"We are very pleased that ING Clarion has made a decision to locate a premier hotel in our community," said Mayor Nancy Sharpe. "This four star hotel and associated development will play an important role in the success of our Village Center."
"ING Clarion's announcement today is the first of several announcements that will occur in the coming months that will more completely describe the exceptional quality and character of our future Village Center", Mayor Sharpe added. "We believe that our Village Center will offer a unique mix of living, entertainment, and cultural opportunities that will set the Village Center at Arapahoe Station apart from other urban developments along the I-25 Corridor."
To assist in evaluating lodging industry and capital structuring issues, ING Clarion has retained Hospitality Real Estate Counselors ("HREC") as its development and transaction advisor.
David Owen Tryba Architects ("DOTA") has been working with ING Clarion to design the hotel. DOTA previously completed the initial Village Center framework plan for Greenwood Village. "The Arapahoe Station location -- half-way between Hampden Avenue and Lincoln Avenue -- positions this particular site as an ideal location for the Greenwood Village Center and for this new hotel," said David Tryba.
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