By Kate Snyder
South San Francisco continues to be no stranger to real estate transactions. A recent deal had the La Quinta by Wyndham Hotel trading hands for $31 million, or approximately $182,352 per room, according to public property records. The buyer was an entity affiliated with Laxmi Hospitality LLC, and the seller was Cavalier California LP, which shares an address with Highgate, a hotel management, investment and development firm. The sale took place in January but only recently recorded
Located at 20 Airport Blvd., the hotel is a four-story building that sits on 1.3 acres, public information shows. Totaling 84,270 square feet, the structure was built in 1987 and has 170 rooms. According to the property’s website, amenities include a 24-hour reception desk, free airport shuttle, a business center, a fitness center, laundry facilities, an outdoor pool and elevators.
The site is located just to the west of the 101 and right at the intersection of Airport Boulevard and San Mateo Avenue, nestled between South San Francisco’s downtown and east side. The hotel is just minutes from the San Francisco Bay, and other nearby attractions include Orange Memorial Park, the San Bruno Mountain State & County Park and Oyster Point & Marina, as well as a number of restaurants and local businesses.
Headquartered in New York City, Highgate has a portfolio of hotels across North America, the Caribbean, Latin America and Europe, according to the firm’s website. The company has more than 500 properties that consist of more than 84,000 owned and/or managed hotel rooms. Its total revenue under management is more than $5 billion, which equates to an aggregate real estate value of more than $15 billion.
The property involved in the sale is also located just minutes from the site of a hospitality development project in Oyster Point. According to The Registry’s previous reporting, Long Beach, Calif.-based Ensemble Real Estate Investments is planning a hotel project at 367 Marina Blvd. The project would entail the construction of 350 rooms in a 12-story building.