- Copford acquired the former Westmark Anchorage hotel in Anchorage, AK.
- The company is led by founders Navin and Rita Dimond.
- They plan to reposition the property as a lifestyle hotel.
DENVER-BASED COPFORD CAPITAL Management acquired the vacant 13-story, 200-key former Westmark Anchorage hotel in Anchorage, Alaska. The company plans to reposition the asset as a lifestyle hotel.
Marcus & Millichap brokered the deal.
The hotel, built in 1973 and renovated in 2016, overlooks the Chugach Mountains and Cook Inlet, M&M said in a statement. The property is adjacent to the William A. Egan Civic and Convention Center and across from the Alaska Center for the Performing Arts. Nearby are the Dena’ina Civic and Convention Center, Anchorage Fifth Avenue Mall and the James M. Fitzgerald U.S. Courthouse and Federal Building.
“Formerly known as the Westmark Anchorage, the property generated multiple offers as a vacant asset in downtown Anchorage,” said Gordon Allred, M&M’s senior managing director of investments. “The buyer plans to transform the property into a lifestyle hotel, positioning it as a next-generation hospitality product for the market.”
Copford was founded in 2020 by Navin and Rita Dimond, who also founded Stonebridge Cos., a hotel management company.
Allred and Clayton Hill, director of investments at M&M, along with Brandon Walker, Alaska broker of record with Jack White Commercial, represented the seller and procured the buyer.
Hill said occupancy rates in downtown Anchorage increase substantially during the summer months, driven by the cruise industry.
“Off-season periods see near double-digit revenue per available room growth, reinforcing Anchorage’s status as one of the premier high-growth hotel markets in the U.S.,” he said.
Stonebridge Cos. recently added Margaritaville Lake Resort Lake Conroe Houston in Montgomery, Texas, to its portfolio and will manage hotel, food and beverage, golf, spa, marina and recreation operations.
