Denver Pavilions

Denver Pavilions
Ideas for Today and Tomorrow
DENVER PAVILIONS OBJECTIVE:
To be Denver’s premier fashion, lifestyle and
dinning destination.
WHY DENVER PAVILIONS?
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Rare opportunity to acquire 2 blocks downtown
Consistent with our value added formula
Strong momentum in the downtown market
Retail challenge
DENVER PAVILIONS CUSTOMER BASE
There are several market segments that provide
customers for the Denver Pavilions. Each is
healthy and growing in this exciting Downtown.
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Downtown Residents
Tourist & Visitors
Convention Business
Metro Area Residents
DOWNTOWN
RESIDENTS
Currently 16,556 housing units
Additional 7,406 in planning or
under construction
Tourism
16th Street Mall is Number
One Tourist Destination
Denver Pavilions is #8
11.7 million overnight visitors in Downtown Denver in 2006.
They spent $2.76 billion. 2007 set new records.
Convention
Business 2007
215,404 Delegates
$429 million in Spending
19.5% increase over 2006
Project Convention Center bookings for 2008 – 2011
Total 176 Conventions, 770,572 Attendees
$1,514,197 Hotel Rooms.
2007
Average Room Rate was $152.46, an 8.7% Increase
Downtown Hotel Occupancy was 69.5%
New hotels downtown include the Ritz Carlton. A Four
Seasons is currently under construction and a
W Hotel is scheduled to break ground in the near future.
The only 2 convention hotels, the new Hyatt Hotel with
1,000 rooms and the Adam’s Mark, which has recently
been converted to a Sheraton, with 1,225 rooms both
flank the Denver Pavilions.
120,000 Downtown
Workers (72% of whom
are women)
62,000 People Ride Light
Rail Daily
50,000 People Ride Free Shuttle Daily
Grand Opening
November, 1998
The Denver Pavilions
opened with a list of highly
sought after Tenants, the
best at that time.
In addition to the anchor tenants, Niketown, Barnes & Noble,
Virgin Megastore, Hard Rock Café, Maggiano’s, and United
Artists, the apparel tenants were the “hot” stores of the day:
Ann Taylor, GAP, Banana Republic, Express, and Talbots.
Most of these apparel tenants have leases expiring in the
next 18 months. This is an opportunity to determine the
optimal tenant mix for today’s customer.
The existing leases provide stability while the remerchandising plan is developed and implemented with
fresh new concepts.
The 4 major tenants provide enough rental income to
cover the loan payment with a better than 1.6% coverage
due to the low loan to value. They are as follows:
Tenant
Lease Expiration
Barnes & Noble
Niketown
Maggiano’s
United Artists
January, 2014
July, 2014
October, 2013
December, 2018
IMPROVEMENTS AND PROJECT UPGRADES
The new ownership is budgeting to spend over $25 million
in renovations & tenant improvements including $3.3
million in improvements to the transportation systems,
graphics and project identity.
DESTINATION POCKET PARKS
THANK YOU!
QUESTIONS?