Paramount Lodging Advisors West Coast Office Sells Sacramento Residence Inn Airport
Paramount Lodging Advisors (PLA) has successfully executed the sale of the 126-room Residence Inn Sacramento Airport Natomas in Sacramento, California. Senior Managing Director Scott Griemsmann and Associate Subu Thiagarajan represented the seller in this transaction.
“This was a great opportunity for the purchaser to add another Marriott branded hotel in the Sacramento region. The region is experiencing a surge in corporate growth and residential/commercial development; this was great time for the owner to capitalize on market performance and for the purchaser to add another strong location and performer to their existing holdings,” stated Griemsmann.
The upscale extended stay hotel is wood frame construction and opened in 1992. The hotel offers studio and two-bedroom suites. Each guest room offers kitchens with a full-size refrigerator, stove, dishwasher, & microwave. The rooms also include high speed wireless internet, flat screen televisions, phone with voice mail, coffee maker, sofa bed, and several other amenities.
Welcome Group Inc. now adds to their portfolio what they consider the best extended stay brand in the hotel industry, the Residence Inn by Marriott. Welcome Group Inc. is excited to add the Residence Inn Sacramento/Natomas to their portfolio of hotels that range from three full service convention center hotels with combined convention space of over 300,000 square feet, to several focused and select service Marriott and Hilton products. Welcome Group Inc. owns and operates hotels across the United States from Massachusetts to California and is currently under construction with a new AC Hotel by Marriott at LAX in El Segundo CA.
Welcome Group will continue to perfect their cloud-based infrastructure platforms allowing them to continue to grow and scale easily without geographic constraint. Their cloud-based systems provide sufficient daily over-site helping each property achieve their goals of: top 20% brand ranking, high degree of employee, engagement, like new condition at all times, above natural ranking of 100% rev par index, above industry standard gross operating profit and net operating income.
Welcome Group Inc. enjoyed working with Scott Griemsmann and Paramount Lodging on this deal and is looking forward to working together again soon.
Seller is a wholly owned subsidiary of Holiday Garden Corp. (“Holiday Garden”), a hotel investment and operating company publicly traded on the Taiwan stock exchange. Holiday Garden has been investing and operating hotels since 1958 and has invested in the US for over 20 years. The company currently owns multiple hotels under the Marriott, Hilton and IHG brands and has offices in Kaohsiung, Taiwan and Gardena, California.
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