News for the Hospitality Executive
NAI BT Commercial’s Scott Griemsmann Announces Sale
of Two Hotel Sites in California and Arizona
Huntington Hotel Group Acquired
±3.5 Acres in Campbell, California from Sand Hill Property Co. for
Development of New 162-Room Hotel & Apple REIT Eight Acquired 128-Room Hilton Garden Inn
in Tucson, Arizona from Sunway Hotel Group
Oakland, CA – August 18, 2008 – Scott Griemsmann and NAI BT Commercial are proud to announce the closing of 655 Creekside Way in Campbell, CA. Huntington Hotel Group acquired this ±3.5-acre hotel development site from Sand Hill Property Company for an undisclosed price. Griemsmann, a member of NAI BT’s Hospitality Division, represented both parties in the transaction.
Huntington Hotel Group, based in Irving, Texas, focuses on the development, ownership and management of Marriott and Hilton branded hotels. The parcel, entitled by Sand Hill Property Co. prior to sale, was purchased by Huntington as the development site for a new 162-room Courtyard by Marriott hotel.
655 Creekside Way is highly visible from Highway 17 and is within walking distance of downtown Campbell, The Pruneyard office/retail center, and a light rail station.
Huntington has developed over $200 million in real estate in California and Maryland over the last six years and has additional Marriott and Hilton hotels in various stages of development, which will bring their portfolio to an excess of 2,400 rooms.
Griemsmann also recently announced the closing of the Hilton Garden Inn Tucson Airport. Apple REIT Eight acquired the 128-room hotel from Sunway Hotel Group for an undisclosed price. Griemsmann, who joined NAI BT shortly following this sale, advised Sunway Hotel Group in the transaction.
This 128-room Hilton Garden Inn Tucson Airport is at the gateway to the Tucson International Airport and minutes from downtown Tucson. The hotel is minutes from Tucson’s business corridor and in close proximity from Tucson’s famous attractions, Pima Air & Space Museum, Kitt Peak Observatory, The Sonora Desert Museum, casinos, restaurants, and downtown nightlife.
Sunway Hotel Group, based in Overland Park, KS, focuses on management,
development, consulting, and accounting services of hotels. The hotel,
developed and built by Sunway Hotel Group, opened in March 2008.
About NAI BT Commercial
NAI BT Commercial, one of the fastest growing commercial real estate firms in Northern California, provides clients the most intimate local market knowledge in the industry, complemented by NAI Global's unparalleled international, managed network of 325 offices in 55 countries. Locally-owned NAI BT Commercial, with 14 offices and 236 brokers, is known for its collaborative corporate culture, knowledgeable and experienced people, and commitment to client service. NAI BT completed 2,470 deals and $5.3 billion transaction value in 2007. Visit us on the web at www.naibt.com.
Scott Griemsmann, Vice President