OAKLAND — A high-profile hotel in downtown Oakland has been set up for sale, a offer that could get rid of mild on the well being of the hospitality sector amid ongoing economic uncertainties that the coronavirus has spawned.
Oakland Marriott City Heart, a landmark in Oakland’s central organization district, is being offered to the current market by way of a formal gross sales energy, according to a brochure being circulated by a veteran industrial serious estate business.
A price for the substantial-increase hotel wasn’t stated in the marketing deal being floated by Eastdil Secured.
The hotel totals 500 rooms and is adjacent to the Oakland Convention Center and a block absent from the Broadway and 12th Road BART station.
“The hotel delivers speedy accessibility to the close by tech cluster in Uptown Oakland, Jack London Sq., the San Francisco central business district, both the Oakland and San Francisco worldwide airports, and Silicon Valley,” Eastdil mentioned in its advertising brochure.
Oakland Marriott City Middle, at 1001 Broadway in between 10th Avenue and 11th Avenue, is becoming placed on the market at a time of brisk action for the purchase of motels in California.
“The hotel rewards from an considerable new redesign and cash enhancement application, and its proximity to a vivid restaurant and social scene, and the historic Fox and Paramount theaters,” Eastdil reported in the giving package.
The present-day operator of the resort is an affiliate of Los Angeles-centered Gaw Money, a genuine estate expenditure agency with a nationwide reach.
The lodge is also straight related to the George P. Scotlan Memorial Convention Heart, which capabilities 64,100 square ft of occasion and exhibit room alongside with a 575-stall parking garage.
“The Oakland Marriott City Center is the only complete-service lodge in downtown Oakland,” Eastdil said.
With 500 rooms, the resort is ready to accommodate prolonged-continue to be visitors or large teams that close by inns simply cannot readily provide since they are way too modest.
“These groups have been a strategic option business enterprise for the duration of the pandemic and will continue as the Bay Place totally recovers,” Eastdil stated in the advertising materials.
The hotel is on the current market at a time when it appears that traders hunger for accommodations statewide.
“It is a terrific time to be offering a hotel,” stated Alan Reay, president of Atlas Hospitality Team, which tracks the California lodging industry, stated when asked about the prospects for selling the downtown Oakland lodge.
Irvine-dependent Atlas Hospitality is placing the finishing touches on a report about buying exercise for hotels in California.
The variety of accommodations that had been purchased in California in the course of 2021 represented an all-time file at 498 particular person accommodations offered.
“Before 2021, we never ever had a 12 months when extra than 400 motels ended up sold” in California, Reay explained.
The greenback quantity for resort buys in California in 2021 wasn’t an all-time report — but it represented a important rebound from 2020, a calendar year marred by vast-ranging enterprise shutdowns and a collapse of the global travel sector that chased away conventions and air vacationers.
Buyers paid out a blended $9.5 billion for lodges in California in the course of 2021, a large soar from the $3.2 billion in lodge deals in 2020, according to Atlas Hospitality’s upcoming report.
“There is great customer fascination in California accommodations,” Reay said.