Paramount Lodging Advisors Arranges Sale of Residence Inn Los Altos / Palo Alto California
Paramount Lodging Advisors arranges the sale of Los Altos Hotel Associates LLC's interest in the Residence Inn by Marriott Los Altos / Palo Alto, California.
LOS ALTOS, CA. October 13, 2015 - Paramount Lodging Advisors (PLA) is pleased to announce the successful sale of Los Altos Hotel Associates LLC's interest in the Residence Inn by Marriott to RLJ Lodging Trust for a purchase price of $70 million or $449,000 per room.
The hotel is located at 4460 El Camino Real in Los Altos, California. The hotel caters to extended stay travelers visiting nearby Palo Alto and Stanford University. The hotel's location is proximate to a diverse base of demand generators that included education, hi-tech, research, and venture capital. Major corporate employers in close proximity include Hewlett Packard, VMware, SAP, Google, Intuit, Stanford University and Hospital, and LinkedIn, as well as many others. In addition, Palo Alto and Menlo Park are home to one of the largest concentrations of Venture Capital (VC) companies in California, and the United States.
The three-story, 156-room, Residence Inn hotel opened in 2000. The hotel recently completed an extensive renovation that included upgrades to the public areas and all guestrooms. The hotel offers newly renovated studio, one-bedroom, and two-bedroom suites. Each guestroom provides guests with separate living and sleeping areas, and a fully equipped kitchen. Other special amenities two telephone lines with voice mail, a well-lit desk with ergonomic chair, sport court, swimming pool, and secure underground parking.
Scott Griemsmann, Senior Managing Director of the Western U.S. represented the owners in the transaction. "This is a fantastic sale for the owners and a great acquisition for RLJ Lodging Trust. I truly believe it was a win-win for everyone involved in the transaction. We were able to achieve one of the highest price per key sales for a Residence Inn in the country for the owners and RLJ has acquired an extremely profitable hotel located in a very high barrier to entry market that will be immediately accretive to their portfolio," commented Griemsmann.
About Paramount Lodging Advisors
Paramount Lodging Advisors (PLA) is a hotel brokerage and advisory firm specializing in the sales of hospitality assets, debt and equity placement, as well as value enhancement services across the United States. For more information about PLA, please visit http://www.paramountlodging.com/. For more information on this property, please contact Scott Griemsmann directly at 415-419-5765 or [email protected]
Contact:
scott griemsmann
[email protected]
415-419-5765
Paramount Lodging Advisors
1299 Fourth Street
Suite 202D
San Rafael, CA 94901
415-419-5765 (o)
866.573.3045 (f)
www.paramountlodging.com
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
