Ares Real Estate Group Sells Stake in 1,500-Room Colorado Resort for $270M
AURORA, COLO. — Ares Real Estate Group has sold its investment stake in the Gaylord Rockies Resort & Convention Center in Aurora for $270 million. Slated to open this December, the 1,500-room hotel is located less than 10 minutes from the Denver International Airport.
Marriott International Inc. will manage the hotel upon its opening. In addition to 486,012 square feet of convention space, the property will feature a full-service spa, fitness center, pool, several restaurants, a coffee shop and marketplace store. The resort is expected to be the largest combined hotel and convention center in Colorado, according to Ares.
Ryman Hospitality Properties Inc. and RIDA Development Corp., the other partners in the development’s joint venture, acquired Ares’ investment stake.
The sale comes on the heels of Ares’ announcement last week that its power and infrastructure fund acquired the assets of Irving, Texas-based oil and gas company Paradigm Energy Partners.
Ares Real Estate Group is part of Ares Management LP (NYSE: ARES), which has approximately $121.4 billion in assets under management and 18 offices worldwide.
Ryman (NYSE: RHP) owns four resorts totaling 8,114 rooms that are managed by Marriott under the Gaylord Hotels brand. Ryman also owns other Marriott-branded hotels as well as media and entertainment assets such as Nashville’s Grand Ole Opry. Houston-based RIDA is currently managing and developing a variety of commercial projects with a value in excess of $6 billion.
Ares’ stock price closed at $21.15 per share on Thursday, Sept. 13, up from $18.05 one year ago. Ryman’s stock price closed at $86.74 per share, up from $60.71 per share.
— Kristin Hiller