News for the Hospitality Executive
July 27, 2010 –Cassidy Turley BT Commercial is pleased to announce its Hospitality Group has successfully completed the sale of the Holiday Inn Hotel San Jose/Silicon Valley. Ric Russell, in collaboration with Scott Griemsmann and Eric Gunderson, successfully represented both buyer and seller in the sale of the 130,000-square-foot, 208-room hotel for $10,500,000. The sale price translated to a price of $81 per square foot, or $50,480 per room.
The hotel is located in South San Jose at 399 Silicon Valley Boulevard where Highways 85 and 101 meet. Built in 1990 and expanded in 1998, the three-story full service hotel includes 208 specially designed guestrooms. The hotel also features a fine dining restaurant on-site, the Summit Steakhouse, as well as a heated pool, hot tub, fitness room, business center, and high-speed wireless internet service.
The new owner will continue to operate under the Holiday Inn flag.
Cassidy Turley BT Commercial’s Hospitality Group is based in the firm’s San Francisco office and specializes in the lodging sector. The Group is headed by Mr. Russell, Mr. Gunderson and Mr. Griemsmann. Since its inception in 2008, The Group has been responsible for representing both buyers and sellers in the sale of multiple hotel properties throughout the western U.S., which, in addition to the aforementioned transaction, includes a 279-room Holiday Inn in Emeryville; a 162-room Hilton Garden Inn in Cupertino; a 162-room Courtyard by Marriott in Campbell; a 170-room Wyndham Hotel & Resorts in Pleasanton; a 150-room Candlewood Suites in Dallas; a 123-room Hilton Garden Inn in Tucson; a 30-room Travelodge in Berkeley, TX; a 24-room European Guest House in San Francisco; and a 16-room Charlie’s Hotel in San Francisco.
Mr. Russell stated, “Our Hospitality Group is comprised of highly credible, knowledgeable and experienced brokers who have strong, proven backgrounds in the selling of lodging property as well as other investment property. And our capabilities in this sector have been exemplified by the number of and the different types of lodging properties we have both transacted and have listed.” Mr. Russell closed, “The goal of our specialized Group is to further advance our business in this sector by continuing to deliver maximum value results and exceptional service to our clients.”
About Cassidy Turley BT Commercial Hospitality Group
The Hospitality Group is Cassidy Turley's newly formed practice group specializing in the lodging sector, to include residential hotels, economy, limited service, select service, full service and resort properties. Our specialists have diverse backgrounds in lodging brokerage, operations, consulting, development and finance. We assist clients with the sale or purchase of hotels and provide site selection analysis, construction and property management services. For more information visit www.ctbthotels.com
About Cassidy Turley BT Commercial
Cassidy Turley BT Commercial, one of the most powerful commercial real estate firms in Northern California, has joined forces with other leading private commercial real estate firms to form Cassidy Turley, now the leading privately-held commercial real estate firm in the U.S. Cassidy Turley BT Commercial has over 400 agents and staff in 16 offices locally and over $70 billion in transactions in our 29-year history. For more info, visit us at www.ctbt.com.
Cassidy Turley is a national team of dedicated commercial real estate professionals, delivering superior results for our clients for more than 100 years. We leverage our world-class expertise, our local market knowledge and our deep industry connections to deliver integrated, tailored solutions around the globe. Our team of professionals is dedicated to consistently delivering solutions that produce superior results and champion your business goals. We believe in face-to-face relationships and that hands-on problem solving is fundamental. We become your partner and advocate, and are passionate about achieving long-term success on your behalf. To get to know us better, visit www.cassidyturley.com.