|
|
12/04/15
|
In a major Bay Area hospitality acquisition, CBRE Global Investors has purchased the Sofitel San Francisco Bay, a 421-room hotel in Redwood City, from a venture of Prudential Real Estate and Lodging Capital. Industry pros suggest the sale had a price tag of around $154 mil, which works out near $365k/room.
Originally constructed in 1987, the asset was acquired by the current sellers roughly three years ago for $90 mil. The property includes 20k sf of conference space and a parking garage.
The hotel had benefitted from $10 mil in renovations in recent years. The new owners plan on keeping the property under the Sofitel umbrella, while completing renovation work on an additional 100 rooms.
The seller was represented by Eastdil Secured.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
