Denver-based RedPeak Properties has completed its purchase of the Burnsley Hotel in Denver's Capitol Hill from owner Joy Burns and will convert it into luxury apartments.
The sale price was not disclosed.
RedPeak said Tuesday it plans to invest more than $5 million in the renovation, which will begin early next year.
"We are very excited to add this wonderful Denver story and trophy asset to our portfolio," said RedPeak chief executive Mike Zoellner. "This will further expand our apartment presence."
The 17-story, 80-room, all-suite hotel, located at 1000 Grant St., closed last week.
It was built as an apartment building in 1963 and was converted into a hotel and jazz club shortly afterward. Joy and Franklin Burns purchased it in 1969 from an investment group that included singer Ella Fitzgerald and actor Kirk Douglas. The building was gutted and remodeled into a European-style boutique hotel in 1983.
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