Paramount Lodging Advisors Sells Bakersfield, CA Four Points by Sheraton Hotel
Paramount Lodging Advisors (PLA) has successfully executed the transaction of the 198-room Four Points by Sheraton Bakersfield, California. The property is located at 5101 California Avenue, Bakersfield CA 93309. Senior Managing Director Scott Griemsmann and Senior Associate Subu Thiagarajan represented the seller in the sale.
This transaction presented the buyer a unique opportunity to acquire a core-branded Marriott hotel at a fraction of replacement cost in a market with significant growth prospects. The hotel is situated on 7.7 acres of prime commercial land in Central Bakersfield which also offers the buyer the potential for future redevelopment.
“The Bakersfield market has several factors influencing the market's growth, including being number one and two in the nation in agriculture and oil production, respectively. In addition, the metro is ranked in the top 20 of the nation for the following: Millennial job growth, STEM job creation, upward mobility, engineering jobs, strongest recovering metro, fastest growing metro GDP and best performing metro area. This growth combined with the region's access to Northern and Southern California presented a compelling story for the investment.”
This transaction contributes to PLA's activity in the Western U.S. and represents the seventh closing in recent months with one other deal that also closed in Q4 2018.
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 
