The Fremont Marriott Silicon Valley sold to Dallas-based Ashford for $50M this week, continuing its takeover of the brand in the area. Ashford now owns all the Marriott hotels in Fremont/Newark except two, in an East Bay market that seems to be transitioning in the right direction. The $140k/key price is significantly below replacement cost, estimated to be between $250k to $300k/key for a high-rise in East Bay, Paramount Lodging Advisors senior managing director Scott Griemsmann tells us. Market fundamentals continue to improve and this gives them more than 700 rooms in the area (they also own the 181-room Courtyard by Marriott and 168-room Residence Inn by Marriott).
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