OAKLAND, CA–The 21-story, 489-room Marriott City Center has been sold to a joint venture led by DiNapoli Capital Partners, a privately held real estate investment firm. Located at 1001 Broadway, the hotel is contiguous to the Oakland Convention Center and one block from the 12th Street/City Center BART station. Terms of the transaction were not disclosed.
It is the latest asset disposition from CIM Group's national portfolio of properties under management. CIM Group completed a comprehensive renovation of the hotel in 2011, modernizing all common areas and guest rooms, and later renovated the hotel and convention center's combined 89,000 square feet of meeting space in conjunction with the city of Oakland. CIM's acquisition of the Oakland Marriott in 2007 was the company's first asset acquisition in downtown Oakland, and is a part of CIM's approximately 3-million-square-foot Bay Area portfolio that includes a variety of Class A commercial properties in San Francisco and Oakland.
Shaul Kuba, co-founder and principal of CIM Group, tells GlobeSt.com:
“The repositioning and sale of the Marriott City Center in addition to selling a number of our retail, hotel and multifamily assets since the beginning of the year, exemplifies CIM's expertise in creating stable properties sought-after by domestic and international investors. There is significant demand for well-located and solid performing hotel assets like the Marriott City Center.”
Including the Marriott City Center, CIM has sold assets totaling 570 residential units, 908 hotel rooms and approximately 1.42 million square feet of retail space since the beginning of this year. It has been active in the Bay Area since 2001 as a real estate and infrastructure investment firm.
Since 1994, CIM has invested in densely populated communities throughout North America. CIM Group identifies and pursues investment opportunities in three primary strategic categories: repositioning and development projects in established and emerging urban areas, well-positioned operating properties in transitional and established districts, and infrastructure.
DiNapoli is engaged in the acquisition, development and management of hotels, multifamily, office and senior housing assets. The Hilton San Jose is another Bay Area hotel listed within DiNapoli's portfolio. GlobeSt.com did not get further supporting background by deadline, but if additional information becomes available, an update will be provided.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
