PKF Capital San Francisco Arranges Sale of Sheraton in Pleasanton, CA
$12.3 million, or $72,353 per key.
San Francisco, CA -(February 8, 2010) - Henry Bose and Mark McDermott, from the San Francisco office of PKF Capital represented the seller, a Southern California-based fund manager. The buyer was Pleasanton Lodging LP, a partnership involving principals from Sethi Enterprises and Kapoor Enterprises.
“The offering of the Sheraton Hotel was one of our most active listings, providing the seller with a number of strong candidates,” said Bose. “The new owners have a great plan to retain the Sheraton brand and solidify its position as a preferred corporate address,” added McDermott.
The full-service hotel is situated next to Stoneridge Mall, and central to numerous high profile corporate headquarters. It features meeting and banquet space, a restaurant and lounge as well as signature Sheraton amenities including a Concierge Level, Concierge Lounge and Link Business Center. The property was converted to a Sheraton Hotel from a Wyndham Garden Hotel in 2006 after a multimillion dollar renovation.
About PKF Capital- PKF Capital provides comprehensive multi-service hotel brokerage to the hospitality industry. PKF Capital was formed in early 2007 as a result of the merger of PKF Consulting, one of the premiere hospitality consulting firms in the U.S., with Colliers International Hotels.
PKF Capital was created with the vision of a unique platform to serve our clients in the US hotel investment market. This unique platform for delivery of extraordinary client service begins with a team of experience hotel brokers known for their integrity and local market knowledge. Supporting this team are the PKF Consulting and Hospitality Research divisions, which provide current market data and accurate industry operating results, enabling us to deliver the highest quality documentation and solid results. PKF Capital believes successful transactions will result from solid fundamentals that include strong market knowledge and market trends, realistic and accurate financial projections, and current understanding of the capital market's impact on our industry.
The professionals at PKF Capital are available to provide market analysis, broker opinion of values, or to make a personal presentation on the current state of the hospitality market.
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