CIM Group Sells Oakland Marriott

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 12^th 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.