Interstate Hotels and Resorts plans to form a joint venture with Waramaug Hospitality to acquire the Sheraton Denver Tech Center hotel in Colorado, US, for an undisclosed price.
Following the acquisition, the hotel will undergo a $5.75m renovation.
The renovation includes the guest rooms, public and meeting space, food and beverage, and recreation areas, and is expected to be completed within 18 months.
The hotel will continue to operate as Sheraton property and Interstate will manage the hotel.
The hotel offers 262 guest rooms, 3,200m² of meeting space, outdoor swimming pool, business centre, exercise room and restaurant.