NEW YORK – As the exclusive advisor to AIG, Cushman & Wakefield Global Hospitality (“C&W”) announced today that they have arranged the sale of 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.
The hotel, which features 357 rooms and 15,000 square feet of meeting space across 19 flexible meeting rooms, was acquired by Ashford Hospitality Trust (“AHT”), a Dallas-based publicly traded real estate investment trust. The property 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 Cushman & Wakefield Global Hospitality 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” said MacDonnell, Managing Director of the firm’s Global Hospitality Group.
About Cushman & Wakefield
Cushman & Wakefield advises and represents clients on all aspects of property occupancy and investment. Founded in 1917, it has 250 offices in 60 countries, employing more than 16,000 professionals. It offers a complete range of services to its occupier and investor clients for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, appraisal, consulting, corporate services, and property, facilities, project and risk management.