NEW YORK—The Fremont Marriott Silicon Valley hotel, a recently renovated full-service property located in the Silicon Valley submarket of the Bay Area in Northern California, was sold to Ashford Hospitality Trust (AHT).
Cushman & Wakefield Global Hospitality (C&W) arranged the sale to the Dallas, TX-based publicly traded real estate investment trust.
The hotel, which features 357 rooms and 15,000 sq. ft. of meeting space across 19 meeting rooms, will be managed by Remington Lodging.
C&W also served as exclusive advisor to AHT in arranging a $37.5 million financing for the acquisition of the hotel. The floating-rate loan was provided by a money center bank.
The C&W team of Daniel MacDonnell, James Escarzega and Steve Michels served as advisor to AIG in the sale. Daniel MacDonnell and Steve Michels also served as advisors to AHT in the financing of the acquisition.
“The strong and improving market fundamentals, high barriers to entry and the recent renovations made at the hotel will allow the buyer to substantially improve cash flow. Combined with the flexible and efficiently priced financing achieved, the result is an exceptional addition to AHT’s portfolio,” stated MacDonnell, managing director of the firm’s Global Hospitality Group.