Among
the noteworthy deals of the past week was a group acquiring the Courtyard by
Marriott Oakland Airport out of receivership for $12.5 million.
OAKLAND
— An affiliated group headed by Harprit Dhillon has acquired out of
receivership the 156-key Courtyard by Marriott Oakland Airport for $12.5
million in a deal that highlights the continued weakness in the Bay Area
hospitality market.
The price
works out to just over $80,000 per room, a huge decline from the property’s
previous value derived from recent refinancings.
An affiliate
of Dallas-based REIT Ashford Hospitality Trust defaulted on the loan in 2023,
and the hotel entered receivership in 2024.
The new
purchase price is 63% below the $33.5 million assessed value for the property
in January 2025.
To download
our list of deals from the past week in Excel format, click here.
Deals of the
Week is a weekly feature by Hotel Investment Today that publishes in our Friday
newsletter. Click here for previous deal compilations from earlier weeks.