In what appears to be a positive sign of growth for the Bay Area’s hospitality market, a number of hotel deals have closed in recent months. In one transaction that closed on July 19 but only recently recorded, Southern California hotel developer and investor Prospera Hotels has acquired the Hilton Garden Inn in Burlingame for $26.76 million, or about $202,727 per room. According to public records, the property was sold by an entity affiliated with 765 Airport Boulevard LP.
Located at 765 Airport Boulevard, the hotel features 132 guest rooms and totals nearly 78,000 square feet. According to the hotel’s website, the Hilton Garden Inn also offers 1,815 square feet of event space as well as four meeting rooms.
Other amenities on site include a fitness center, an indoor pool and whirlpool, a restaurant, self-parking and more.
Located in Burlingame, which is situated halfway between San Francisco and Palo Alto, the hotel is also near various off site amenities. The property is just two miles from downtown Burlingame and approximately 10 minutes from the San Francisco International Airport. Additionally, the hotel is just off Interstate 101.
The acquisition of the Hilton Garden Inn reflects what appears to be Prospera Hotels newest venture into the Bay Area. With over $1 billion in historic transactions and developments since 2002, the Orange, Calif.-based company’s current portfolio contains properties in both Southern California and Florida.
The transaction is one of several hotel deals to close in the Bay Area the past several months. In July, Blackstone sold off four Motel 6 properties for a combined $40.3 million. According to previous reporting from The Registry, the properties – located at 3208 El Camino Real in Santa Clara; 6110 Monterey Road in Gilroy; 2081 N. First Street in North San Jose; and 1240 Camden Avenue in Campbell – were sold by an entity affiliated with DMC Hotels.
Additionally, in June Stockdale Capital Partners purchased the 208-room The Marker San Francisco for $77 million, or about $370,192 per room. The property is located at 501 Geary Street and was sold by Pebblebrook Hotel Trust.