Sale of Radisson Stockton is Largest Known Hotel
Transaction in this Market in the Past Few Years
|NEW YORK, Aug. 10, 2005 - Cushman & Wakefield, the world's largest
privately held real estate services firm, today announced the sale of the
198-key Radisson Stockton in Stockton, CA. Cushman & Wakefield acted
as transaction advisor in the sale, which represents the largest known
hotel transaction in this market in the past few years.
"This is the only true full-service hotel in the market, and it generated significant interest among both local California-based investors as well as national groups," said Tom McConnell, a senior managing director at Cushman & Wakefield. "With more than 16,000 square feet of meeting space, oversized guestrooms and an excellent location in Stockton's commercial corridor, the hotel offered a tremendous opportunity for a new buyer to explore various repositioning strategies."
The buyer, California-based Pacifica Cos. Inc., owns 25 hotels in key locations across the U.S., including Arizona, California, Florida and New York. The company primarily targets acquisitions of full-service California hotels, seeking properties that can benefit from renovations and repositioning.
"Pacifica has a proven track record owning and operating full-service hotels in California," said Mr. McConnell, noting that Pacifica is a good fit for the property,
Cushman & Wakefield represented the seller in the transaction, which closed on August 9, 2005.
Cushman & Wakefield, the world's leading provider of real estate services, established Cushman & Wakefield Hospitality with services devoted exclusively to the lodging and gaming industry. The group's professionals combine extensive hotel analysis, operations and real estate experience with local market insight, national and international coverage, and responsive service.
Bringing together a team of experienced hospitality professionals with various service specialties, Cushman & Wakefield tailored its hospitality service line to address the particular needs of hotel real estate investors. Cushman & Wakefield Hospitality professionals offer core services in Hotel Transactions, Valuation and Investment Advisory, Gaming Investment Advisory, and Project Management and Development Advisory.
Cushman & Wakefield is the world's largest privately held real estate services firm. Founded in 1917, the firm has 175 offices in 50 countries around the globe, and 11,000+ talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please call 1-800-376-3133, or visit the firm's Web site at www.cushmanwakefield.com.