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.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
