FREMONT, CA—The Fremont Marriott Silicon Valley hotel has been acquired by Dallas-based Ashford Hospitality Trust.
Fremont Marriott Silicon Valley hotel, a recently renovated full-service property located in the Silicon Valley submarket of the Bay Area in Northern California. The hotel, which features 357 rooms and 15,000 square feet of meeting space across 19 flexible meeting rooms, will be managed by Remington Lodging.
Cushman & Wakefield Global Hospitality worked on behalf of the seller AIG to complete the sale.
C&W also served as exclusive advisor to Ashford Hosptiality (AHT) in arranging a $37.5 million financing for the acquisition of the hotel. The floating-rate loan was provided by a money center bank.
The Cushman & Wakefield Global Hospitality team of Daniel MacDonnell, James Escarzega and Steve Michels served as advisor to AIG in the sale. Daniel MacDonnell and Steve Michels also served as advisors to AHT in the financing of the acquisition.
“The strong and improving market fundamentals, high-barriers to entry and the recent renovations made at the hotel will allow the buyer to substantially improve cash flow. Combined with the flexible and efficiently priced financing achieved, the result is an exceptional addition to AHT’s portfolio” said MacDonnell, managing director of the firm’s Global Hospitality Group.