Located at 10741 North Wolfe Rd., the property is located near Apple, HP and other Silicon Valley businesses. Its average occupancy is upward of 66% and its average daily room rate is approximately $149.
The hotel recently benefited from a $3-million makeover that included new flat screen televisions, beds, bedding, carpet and furniture in all guest rooms. For the past four year, it has received recognition from JD Power & Associates for guest satisfaction.
CBRE Capital Markets arranged $25 million in acquisition financing through Principal Real Estate Investors. The loan represents 65% of the purchase price, sources familiar with the transaction tell GlobeSt.com.
CBRE Capital Markets managing director John Nelson arranged the financing alongside Rob Beahm, Jeff Wilson and Michael Walker.
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