Hotel Denver, one other Glenwood lodge sold to Aspen-based hospitality investor |

Hotel Denver, one other Glenwood lodge sold to Aspen-based hospitality investor

Carvers still have Redstone Castle on the market; historic landmark closed for the winter

The Hotel Denver in downtown Glenwood Springs, owned by April and Steve Carver for the past 30 years, sold last week for $15 million.
John Stroud/Post Independent

This story has been updated from the original web version published on Sunday to include comments from new hotels owner Tony Sherman.


Longtime Glenwood Springs hotel owners April and Steve Carver closed last week on the sale of the Hotel Denver and one other Glenwood lodge in which they were partners.

Closing took place Nov. 9 on the sale of the Hotel Denver in downtown Glenwood for $15 million to Aspen investor Tony Sherman, who owns Terrapin Investments.

Sherman also purchased the Hotel Glenwood Springs, located at the base of the Glenwood Caverns Adventure Park tram, for $9 million. The Carvers were in partnership with other investors in that property.

Terrapin also owns the Hampton Inn and Holiday Inn Express properties in Glenwood Springs, and the Best Western Eagle.

“I’m a big fan of Glenwood Springs. Its tourism is extremely strong, and I think that will continue, so I have wanted to own more hotel rooms there,” Sherman said in a Monday phone interview.

Sherman added that he plans a major renovation of the Hotel Denver lobby and guest room upgrades.

“We plan to fully renovate and reimagine the lobby, and make it the Glenwood Springs version of the Hotel Jerome,” he said of the iconic Aspen hotel. “We’ll keep the charm and feel of the hotel, but modernize it.”

For the Carvers, the dual sales signal the close of 30 years in the Glenwood Springs hotel business.

They bought the Hotel Denver in August 1991 and made some major renovations with April at the helm as hotel manager while Steve worked as a CPA with Dalby, Wendland & Co. He retired from there in June 2018.

The iconic Hotel Denver on Seventh Street in downtown Glenwood Springs sold last week for $15 million.
John Stroud/Post Independent

The Carvers helped open the adjacent Glenwood Canyon Brew Pub in 1996 and retain their share of ownership in that business along with Jim and Bill Carver (no relation), who own Carver Brewing in Durango.

“It’s been great,” Steve Carver said in a Sunday interview. “We bought the Hotel Denver when Seventh Street was kind of run down and not really the place to go. After a slow transformation, it’s been a healthy business.”

Along the way, they rebuilt the former Rex Hotel on the corner of Seventh and Blake to the east and turned it into the Denver Centre, which now houses Simply Massage and other businesses. The Carvers have also been instrumental in helping facilitate the recent Seventh Street renovations.

The Hotel Denver also underwent a makeover from the former brass-fixtured atrium with its throwback formica ceilings, into a boutique hotel that has become a mainstay in Glenwood’s tourism economy.

Both the Hotel Denver and Hotel Glenwood Springs have 72 rooms.

The Hotel Glenwood Springs, situated at the base of the Glenwood Caverns Gondola.
John Stroud/Post Independent

The Carvers entered into partnership along with Glenwood Caverns owners Steve Beckley and other investors in building what’s now known as the Hotel Glenwood Springs in 2002 when the tram was being built. It operated under the AmericInn chain until 2013, when they decided to make it an independently owned lodge.

Sherman said on Monday that he plans to add a small restaurant/bar in addition to other lobby upgrades at the Hotel Glenwood Springs.

The Carvers still retain ownership of the Redstone Castle, which also is listed for sale for more than $19 million after the Carvers purchased it in 2016 for $2.2 million. They made several million dollars more in renovations there, including reopening guest rooms for overnight stays, before putting on the market in September 2020.

The Castle is closed to guests and tours for a second consecutive winter season, partly due to ongoing COVID-19 concerns, Steve Carver said Sunday.

If it hasn’t sold by spring, they plan to reopen it, he said. The Carvers currently live at the Castle, which is more formally known as Cleveholm Manor, built by coal mining baron John Cleveland Osgood in the late 19th century.

Senior Reporter/Managing Editor John Stroud can be reached at 970-384-9160 or

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