Hotel values are cratering in Oakland, with the latest benchmark set by a downtown property that sold for 76% less than its last trade.
Core Property Capital paid $10.6M for the Courtyard Oakland Downtown, a 162-room Marriott-branded hotel located at 988 Broadway.
The five-story hotel, which includes 1,300 SF square feet of ground floor retail and 2,700 square feet of meeting space, was sold by Gaw Capital Partners, which acquired the property in 2016 for $43.8M, SiliconValley.com reported.
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