CBRE Global Buys Redwood City Hotel for $154.5M
CBRE Global Investors bought Redwood City's Sofitel San Francisco Bay for $154.5M this week, adding to the Bay Area's list of recent hotel sales. The price comes out to $367k/room for the 421-room luxury hotel, with CBRE Global leaders noting there's a lot of corporate demand, but not a lot of nicer, high-end hotels in Silicon Valley.
Prudential Real Estate Investors and Lodging Capital purchased the property at 223 Twin Dolphin Dr in 2012 for $92.5M, adding $9M in renovations. CBRE Global plans further renovations, according to the San Francisco Business Times.
The sale joins other high-price Bay Area hotel deals, such as the $450M sale of Fairmont San Francisco (at $760k/room) in November. Previous Bay Area hotel sales included the Loews Corp purchase of the former Mandarin Oriental San Francisco for a reported $1M/room and Larry Ellison's purchase of Palo Alto's Epiphany Hotel for $832,500/room. [SFBT]