American Property Management and Milestone Hotel Investments Inc. boughtthe 293-room Oakland Airport Holiday Inn from Westmont Hospitality Group.
Terms of the transaction were not disclosed, but AmericanProperty Management will operate the hotel as a Holiday Inn under a franchise agreement with Bass Hotels and Resorts. The property willimmediately undergo a $3-million renovation.
"The transaction continues our focus on doing larger transactions," says Jasen Mark, vice president of acquisitions of MilestoneInvestments, Inc. Over the past year, Milestone's acquisition activity totaled threetransactions consisting of 16 properties with over 2,290 rooms.
"We continue to be very active on the buy-side and the AmericanProperty relationship will certainly help us remain active," says Mark.
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