US: Sage Hospitality along with Denver-based developer BMC Investments, has announced the sale of Halcyon, a hotel in Cherry Creek, Denver, to Rockbridge Capital.
Dallas-based Makeready will take over management of the property. In addition to the 154-key hotel, Rockbridge has acquired the Halcyon and B&GC brands, which were developed and trademarked by Sage Hospitality.
Walter Isenberg, president and CEO of Sage Hospitality, said: “It is a tremendous success for Sage Hospitality to sell this hotel and two of the associated brands. Our teams put hard work into developing and operating these assets, and this transaction is evidence of their commitment and dedication to excellence. Additionally, the sale and significant price achieved is a testament not only to the depth of talent of our Real Estate Investment team, but also the strength of Sage’s Brand Development Organisation. We are proud to be able to hand off a successful business unit to Rockbridge and their partners.”
The Departure brand was not sold to Rockbridge, and as a result Sage Restaurant Group (SRG) announced that last night was the final dinner service at Departure Restaurant + Lounge in its current location. The restaurant will close its doors in Cherry Creek following breakfast service on March 11, 2019.
Brent Berkowitz, chief operating officer of SRG, said: “We thank the Denver community for their loyal patronage of Departure over the past three years. Although this is an end for our Cherry Creek location, it is also the beginning of a new chapter – there are many exciting opportunities in the works, and we look forward to serving the Denver community again in the future.”
Sage opened Halcyon in Denver’s Cherry Creek North neighbourhood in August 2016, along with Asian restaurant Departure Restaurant + Lounge and underground speakeasy B&GC. Halcyon was the first hotel to open in Cherry Creek North in more than a decade.
“We look forward to continuing to grow Sage’s real estate investment program and delivering stellar outcomes like this to our investors in the future,” said Jason Altberger, chief investment officer. “My team is dedicated to the company’s continued growth and expansion in the real estate investment sector, and our primary focus will remain on acquiring and developing urban lifestyle hotels and restaurants within key markets.”