Colliers Acts as Advisor in Crowne Plaza Sale
SAN FRANCISCO, CA, September 8, 2006. Colliers International Hotels announces that it has arranged the sale of the Crowne Plaza Hotel in Pleasanton, California.
Bob Eaton, Mark McDermott, and Henry Bose of Colliers International Hotels advised the seller, FelCor Lodging Trust, on the transaction.
Located off of Highway 580 and across from Stoneridge Mall, the hotel has an excellent location in the heart of the Bay Area's "Tri-Valley". The 244-unit hotel opened in 1986, and includes a restaurant, lounge, business center, outdoor swimming pool & jacuzzi, and approximately 5,500 square feet of flexible meeting space.
The hotel was acquired by Pyramid Hotel Opportunity Venture II LLC. The new owner plans to make a significant investment in the property, and take advantage of a market that has experienced room revenue increases of over 10% through the first half of 2006.
"The Pleasanton/Dublin/Livermore lodging market has entered an excellent growth period, and this is likely to spur further hotel investment transactions in the region" says Bob Eaton, Executive Managing Director.
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