Hilton Garden Inn Cupertino (CA)
|TAMPA, FL – July 26, 2007 - The Plasencia
Group, Inc. announced that it served as exclusive advisor to Cupertino
Hotel Associates, LLC, a real estate investment and development firm in
San Mateo, California on the sale of the Hilton Garden Inn in Cupertino.
While the terms of the deal were not disclosed, TPG representatives believed
this to be one of the highest-priced Hilton Garden Inn transactions in
California and the nation. The purchaser was San Jose-based Quito
Village Group LLC.
“The challenge we faced was breaking through a price-per-room paradigm for this type of hotel product,” noted Bernie Murphy, senior regional vice president with The Plasencia Group. “We constructed a very detailed demand roadmap to support the hotel’s substantial future revenue upside. In this way, we were able to demonstrate to prospective purchasers the hotel’s realistic income growth potential and as a result, achieve superior pricing for the hotel’s owners.”
The five-story, 165-key property is one of the few branded hotels in the market, and enjoys an exceptional demand base. The hotel is located directly across from the 1.5 million-square-foot Hewlett-Packard campus and Executive Briefing Center, and within a mile from the 1 million-square-foot Apple Computer campus. Additionally, Cupertino is one of the most sought-after office markets in Silicon Valley, with vacancy rates averaging approximately four percent. The hotel will retain its Hilton Garden Inn brand.
Murphy and R. Scott Griemsmann, vice president
with The Plasencia Group’s Pacific Region, served as principal advisors
to Cupertino Hotel Associates on the transaction.
About The Plasencia Group, Inc.
Founded in 1993, The Plasencia Group is a national hospitality advisory firm with offices across the country. In conjunction with its affiliates, Regent Street for distinctive hotels and resorts and Sun Hospitality Advisors for limited- and select-service properties, The Plasencia Group provides personalized investment opportunities and services to owners of hotels, resorts, and golf courses throughout the United States, Canada, and the Caribbean. The Plasencia Group offers a full range of value-added solutions, including portfolio and large asset transactions, property valuation analyses, private debt and equity placement, hotel development and management advisory services, financial and strategic planning, and proprietary industry research. Information at www.tpghotels.com.
Offices: Austin / Chicago / Dallas / Hartford / Houston / Little Rock / Philadelphia / San Diego / San Francisco / Tampa / Washington, DC
|Also See:||The Plasencia Group Retained by Lane Hospitality for Investment Advisory Assignment / May 2007|
|The Plasencia Group, Inc. Announces New Hotel Debt Placement Division; Stephen Kindl Named Managing Director / November 2006|
|The Plasencia Group, Inc. Advises MeriStar Hospitality Corporation In the Sale of Seven Florida Assets / February 2006|
|The Plasencia Group Expands Sun Hospitality Advisors Division With San Francisco Office / January 2006|
|Plasencia Group, Inc. Offers Aggressive Lodging Investment Roadmap for 2006 / January 2006|
|The Plasencia Group, Inc. Advises Islandia Associates, LTD in Sale of Hyatt Regency Islandia Hotel / Jnauary 2006|
|The Plasencia Group, Inc. Advises Thayer Lodging Group on the Sale of Eight Properties to Pyramid Hotel Advisors, LLC Properties Combine Geographic Diversity, Performance and Growth Potential / July 2005|
|Robert C. O'Leary Named Vice President of the The Plasencia Group's Sun Hospitality Division / March 2005|
|The Plasencia Group Is Exclusive Marketing Advisor on Sale of Long Beach Hilton / January 2005|
|The Plasencia Group Appoints Brian K. Rodgers as Senior Associate, Western Region / Aug 2004|
|The Plasencia Group Appoints Stephen Kindl as Regional Vice President for the Northeast / July 2004|
|The Plasencia Group Advises on the Sale of the San Jose Wyndham / July 2004|
|The Plasencia Group Advises on the Sale of the Marriott Irvine, Orange County, California / June 2004|
|The Plasencia Group Appoints Eric M. Holtze as Director of Financial Analysis / June 2004|
|The Plasencia Group Launches Sunbelt Hospitality, Led by Robert Wiemer in Houston / March 2004|
|The Plasencia Group Advises on the Sale of Interest in the Don Cesar Beach Resort / December 2003|
|The Plasencia Group Advises on the Sale of the Hilton Garden Inn, Ybor City, Tampa / Sept 2003|
|The Plasencia Group Appoints Jessica L. Corcoran Director of Marketing and Business Development / Aug 2003|