Paramount Lodging Advisors (PLA) is pleased to announce the successful sale of MN Newark, LLC’s interest in the TownePlace Suites by Marriott to Moody National REIT 1, Inc. The hotel was sold for Eleven-Million Four-Hundred Thousand ($11,400,000.00).
The hotel is located just off Interstate 880 at 39802 Cedar Boulevard in Newark, California. The hotel caters to extended stay travelers in East Bay and Silicon Valley. The location provides guests easy access to the East Bay and South Bay via I-880 and I-680 and direct access over the San Francisco Bay to Palo Alto and Stanford University via the Dumbarton Bridge (Hwy 84). The immediate area offers guest a number of entertainment and dining options at the Newpark Mall and other local Newark establishments.
The three-story, 127-room, TownePlace Suites hotel opened in 2000. The property is wood frame construction on poured slab foundation, stucco exterior, and pitched roof with asphalt shingles. The hotel offers studio, one-bedroom, and two-bedroom suites. Each room provides guests with 32” flat screen televisions, cable/satellite TV, complimentary high-speed internet access, phone with voice mail, coffee maker, Sofa, oversized chair, work desk, iron and ironing board, and a full kitchen.
Scott Griemsmann, Senior Managing Director of the Western U.S. represented the owners in the transaction.
Paramount Lodging Advisors (PLA) is a hotel brokerage and advisory firm specializing in the sales of hospitality assets, debt and equity placement, as well as value enhancement services across the United States. For more information about PLA, please visit http://www.paramountlodging.com/
For more information on this property, please contact Scott Griemsmann directly at 415-492-4530 or firstname.lastname@example.org