Oakland Marriott Metropolis Middle, positioned at 1001 Broadway, a 500-room resort in downtown Oakland. A high-profile resort in downtown Oakland has been put up on the market in a deal that might make clear the well being of the hospitality sector amid ongoing financial uncertainties that the coronavirus has spawned.
OAKLAND — A high-profile resort in downtown Oakland has been put up on the market, a deal that might make clear the well being of the hospitality trade amid ongoing financial uncertainties that the coronavirus has spawned.
Oakland Marriott Metropolis Middle, a landmark in Oakland’s central enterprise district, is being supplied to the market via a proper gross sales effort, in line with a brochure being circulated by a veteran industrial actual property agency.
A worth for the high-rise resort wasn’t listed within the advertising and marketing package deal being floated by Eastdil Secured.
The resort totals 500 rooms and is adjoining to the Oakland Conference Middle and a block away from the Broadway and twelfth Avenue BART station.
“The resort supplies instant entry to the close by tech cluster in Uptown Oakland, Jack London Sq., the San Francisco central enterprise district, each the Oakland and San Francisco worldwide airports, and Silicon Valley,” Eastdil said in its advertising and marketing brochure.
Oakland Marriott Metropolis Middle, at 1001 Broadway between tenth Avenue and eleventh Avenue, is being positioned in the marketplace at a time of brisk exercise for the acquisition of motels in California.
“The resort advantages from an in depth current redesign and capital enchancment program, and its proximity to a vibrant restaurant and social scene, and the historic Fox and Paramount theaters,” Eastdil stated within the providing package deal.
The present proprietor of the resort is an affiliate of Los Angeles-based Gaw Capital, an actual property funding agency with a nationwide attain.
The resort can also be immediately linked to the George P. Scotlan Memorial Conference Middle, which options 64,100 sq. ft of occasion and exhibit house together with a 575-stall parking storage.
“The Oakland Marriott Metropolis Middle is the one full-service resort in downtown Oakland,” Eastdil said.
With 500 rooms, the resort is ready to accommodate extended-stay company or massive teams that close by motels can’t readily serve as a result of they're too small.
“These teams have been a strategic different enterprise in the course of the pandemic and can proceed because the Bay Space totally recovers,” Eastdil said within the advertising and marketing supplies.
The resort is in the marketplace at a time when it seems that traders starvation for motels statewide.
“It's a nice time to be promoting a resort,” stated Alan Reay, president of Atlas Hospitality Group, which tracks the California lodging market, stated when requested in regards to the prospects for promoting the downtown Oakland resort.
Irvine-based Atlas Hospitality is placing the ending touches on a report about buying exercise for motels in California.
The variety of motels that have been purchased in California throughout 2021 represented an all-time report at 498 particular person motels bought.
“Earlier than 2021, we by no means had a yr when greater than 400 motels have been bought” in California, Reay stated.
The greenback quantity for resort purchases in California in 2021 wasn’t an all-time report — nevertheless it represented a significant rebound from 2020, a yr marred by wide-ranging enterprise shutdowns and a collapse of the worldwide journey trade that chased away conventions and air vacationers.
Traders paid a mixed $9.5 billion for motels in California throughout 2021, an enormous soar from the $3.2 billion in resort offers in 2020, in line with Atlas Hospitality’s upcoming report.
“There may be great purchaser curiosity in California motels,” Reay stated.
