By Meghan Hall
A recently completed hotel in Fremont has been purchased by an investment firm that has been extremely active across California in the past few months. New York-based AWH, just days after closing on the Villa Florence Hotel with investment partner The Roxborough Group, has purchased the Hilton Garden Inn Fremont Milpitas for $38.9 million, or about $268,275 per room.
The Mercury News was the first to report on the deal. Property records indicate that the seller was an entity affiliated with Baywood Hotels, based in Columbia, Md.
Construction on the hotel, located at 45976 Warm Springs Blvd. in Fremont, was completed earlier this year. The property totals 145 rooms and features amenities such as a fitness center, indoor pool and business center. Guests also have access to a 24-hour market and restaurant. The property also has 1,360 square feet of total event space.
The deal comes just after it was announced that AWH acquired the Villa Florence Hotel in San Francisco for $87.5 million, or about $462,963 per room. AWH executed a contract to acquire the asset from Pebblebrook Hotel Trust, based in Maryland, in July. The deal marked AWH’s first acquisition in San Francisco.
In recent months, AWH and funds managed by Apollo Global Management, acquired a DoubleTree by Hilton in Anaheim, California. AWH spent 12 months finalizing the acquisition and spent $51,406,500 on the property, according to data from Reonomy.
AWH is a privately held real estate investment firm formed by former employees of The Blackstone Group and The Related Companies. Since 2010, the firm has invested more than $2 billion in hotel real estate, according to its website. Its portfolio spans numerous properties across the coast, including markets such as the Puget Sound, Colorado, and northeast.