Plasencia Advises on Sale of Hilton Garden Inn Cupertino
TAMPA, FL, July 26, 2007. The Plasencia Group, Inc. announced that it served as exclusive advisor to Cupertino Hotel Associates, LLC, a real estate investment and development firm in San Mateo, California on the sale of the Hilton Garden Inn in Cupertino. While the terms of the deal were not disclosed, TPG representatives believed this to be one of the highest-priced Hilton Garden Inn transactions in California and the nation. The purchaser was San Jose-based Quito Village Group LLC.
"The challenge we faced was breaking through a price-per-room paradigm for this type of hotel product," noted Bernie Murphy, senior regional vice president with The Plasencia Group. "We constructed a very detailed demand roadmap to support the hotel's substantial future revenue upside. In this way, we were able to demonstrate to prospective purchasers the hotel's realistic income growth potential and as a result, achieve superior pricing for the hotel's owners."
The five-story, 165-key property is one of the few branded hotels in the market, and enjoys an exceptional demand base. The hotel is located directly across from the 1.5 million-square-foot Hewlett-Packard campus and Executive Briefing Center, and within a mile from the 1 million-square-foot Apple Computer campus.
Additionally, Cupertino is one of the most sought-after office markets in Silicon Valley, with vacancy rates averaging approximately four percent. The hotel will retain its Hilton Garden Inn brand.
Murphy and R. Scott Griemsmann, vice president with The Plasencia Group's Pacific Region, served as principal advisors to Cupertino Hotel Associates on the transaction.
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