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CUPERTINO, CA-A Hilton Garden Inn here has changed hands for approximately $38.5 million. Cupertino Hospitality Associates acquired the 165-room hotel from Sand Hill Property Co.

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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