The historic Brown Palace Hotel and Spa in downtown Denver has been sold for the second time in four years. Crescent Real Estate, a Fort Worth, Texas, group, recently bought the hotel that opened Aug. 12, 1892, and has played host to presidents, celebrities and dignitaries over the years, according to a news release.
The Denver Business Journal reported the sale price was $125 million, which included a next-door Holiday Inn Express. The Brown Palace last sold in 2014 to an investment arm of national real estate company Trammell Crow.
Crescent plans to upgrade the property's 241 rooms and suites; the Brown Palace also is home to six restaurants and a coffee shop. The hotel is rated as four stars by the Forbes Travel Guide and four diamonds by AAA.