On August 1, 2024, the publically traded RLJ Lodging Trust announced the acquisition of the  110-room Hotel Teatro in Denver for a purchase price of $35.5 million.

“The acquisition of this high-quality hotel further increases our mix of lifestyle properties in urban locations that benefit from seven-day-a-week demand. The acquisition price represents a significant discount to recent trades and replacement cost, validating our team’s capabilities and our advantage as an all-cash buyer to source high-quality acquisitions in this environment,” said  Leslie D. Hale, President and Chief Executive Officer at RLJ Trust, in a written media release.

RLJ Trust is a real estate investment trust of Robert L. Johnson, the founder of the iconic Black Entertainment Television network, which launched in the 1980s. Johnson sold BET to Viacom Inc. for $3 billion in 2000.

Hotel Teatro transformed into an independent boutique lifestyle hotel after redeveloping the historic Denver Tramway Company office building, which was built in 1911.