Crow Holdings Capital Partners acquires Brown Palace

Crow Holdings Capital Partners has acquired Brown Palace in Denver, Colorado. The acquisition includes the Brown Palace Hotel & Spa, as well as the Comfort Inn Downtown Denver, comprised of a total of 472 guest rooms, 22,100 square feet of meeting space, and five food & beverage venues.

PRESS RELEASE

Crow Holdings Capital Partners, a diversified investment firm, announced today that its Crow Holdings Fund VI has completed the acquisition of Brown Palace in Denver, Colorado.

The acquisition includes the Brown Palace Hotel & Spa, as well as the adjacent Comfort Inn Downtown Denver, comprised of a total of 472 guest rooms, 22,100 square feet of meeting space, and five food & beverage venues. Built in 1892, the historic Brown Palace Hotel & Spa is the sole downtown Denver hotel to receive both the Forbes Four-Star and AAA Four-Diamond awards for over 30 consecutive years. An affiliate of Quorum Hotel Advisors, the property manager since 1987, will continue to manage the hotel. Additional terms of the transaction were not disclosed.

Diane Parmerlee, Crow Holdings Capital’s Director of Hotel Investments, commented, “We are pleased to add this landmark establishment to our Fund VI portfolio. The Brown Palace Hotel is well-aligned with Crow Holdings Capital’s hotel investment strategy, which is focused on upscale assets with strong underlying fundamentals.”

Since 1998, the six private equity real estate funds managed by Crow Holdings Capital have invested in 33 hotels comprising over 7,500 rooms representing nearly $2.5 billion in hotel assets. The Crow family has a long history with hotel real estate dating back to the early years of Trammell Crow’s career. Outside of the private equity real estate funds, the Crow family still owns the 1,606-room Hilton Anatole Hotel in Dallas, which is celebrating its 35th anniversary this year, and acquired the 316-room Windsor Court hotel in New Orleans in 2009.

Reflecting Crow Holdings Capital’s investment strategy focused on acquiring a diverse portfolio of assets that generate current income and benefit from capital appreciation, Fund VI seeks to invest in various asset classes, including industrial, retail, office, multi-family, convenience & gas stores, hotel, and medical office. Fund VI assets are located in major markets across the United States, including Texas, Washington D.C., Georgia, Arizona, Florida, California, Missouri and Virginia.

About Crow Holdings Capital Partners, L.L.C.
Crow Holdings Capital is a Dallas-based global asset fund manager. Since inception in 1998, Crow Holdings Capital has managed six private equity real estate funds. Equity capital from these funds totals approximately $4.1 billion, of which approximately $675 million has been committed by Crow Family Holdings. Fund VI is the largest fund in the series, closing with capital commitments of $1.067 billion in August 2013.

Over the past 15 years, the six funds have actively acquired existing properties and development parcels of all types, both independently and with operating partners. As of December 31, 2013, these real estate funds have acquired or developed more than $12 billion in assets comprised of over 43 million square feet of industrial, over 11 million square feet of retail, over 8 million square feet of office, approximately 24,000 multi-family units, 360 convenience & gas stores, over 7,500 hotel rooms and almost 6,000 acres of lot development.

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