Oakland Marriott City Center: Sale Closed
CIM just sold the Oakland/Marriott City Center, the latest in a series of asset sales by the firm since January. The 21-story, 489-room hotel sold to Apollo Global Management and DiNapoli Capital Partners for a rumored $84M. Here's a pic of our last event at the space in November, which drew a whopping 450 attendees to hear new Mayor Libby Schaaf, among others, speak. It's also where Bisnow's 2nd Annual State of the Market will take place May 20.
CIM Group completed a comprehensive reno of the hotel at 1001 Broadway in 2011, modernizing all common areas and guest rooms, and later renovated, alongside the City of Oakland, the hotel and Convention Center’s combined 89k SF of meeting space. The sale is bittersweet; it was the company's first buy in downtown Oakland in 2007. Since January, including the Marriott City Center, CIM has sold 570 residential units, 908 hotel rooms and approximately 1.4M SF of retail space.