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Milestone Buys Oakland Airport Holiday Inn

OAKLAND-The Minneapolis hotel investor is "active on the buy side," say company officials after buying the 293-room hotel with American Property Management Corp. from Westmont Hospitality Group.

By Jim McCartney | Updated on June 01, 2001

OAKLAND-Milestone Hotel Investments Inc. and American Property Management Corp. say they bought the 293-room Oakland Airport Holiday Inn from Westmont Hospitality Group. Terms of the transaction were not disclosed.

American Property Management will operate the hotel, which will immediately undergo a $3-million renovation, as a Holiday Inn under a franchise agreement with Bass Hotels and Resorts. The deal is Milestone’s first acquisition with American PropertyManagement, says Jasen Mark, vice president, acquisitions of Milestone Investments, which identifies, analyzes, structures, and arranges equity financing for investment opportunities in hotel real estate.

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