CBRE has announced the sale of the Hyatt Place Emeryville/San Francisco Bay Area, a 175-unit hotel located in Emeryville.
(EDITOR’S NOTE: According to public records, the property sold for $66.25 million, or $378,571 per key.)
Henry Bose and Mark McDermott of CBRE Hotels in San Francisco represented the seller in the transaction. Opened in 2016, the six-story hotel contains 175 units and enjoys a premier location in the vibrant Bay Street lifestyle center, surrounded by major corporate employers, such as Pixar, Novartis, Peet’s Coffee corporate office and the Joint Bio Energy Institute. Hyatt Place offers visitors access to a fitness center, a patio with fire pits, a business center and a total of 150 parking spaces, along with sweeping views of downtown San Francisco and the Bay.
“The Hyatt Place’s high-quality construction, strong operating performance, and proximity to unique guest amenities spurred a high level of investor interest for this opportunity,” said Bose.
Added McDermott, “Recognizing that the San Francisco Bay Area continues to be one of the most highly coveted regions in the world for real estate investment, we successfully crafted a global marketing campaign that sourced a diverse group of highly qualified bidders.”About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.