Paramount Lodging Advisors (PLA) has successfully executed the transaction of the 198-room Four Points by Sheraton Bakersfield, California. The property is located at 5101 California Avenue, Bakersfield CA 93309. Senior Managing Director Scott Griemsmann and Senior Associate Subu Thiagarajan represented the seller in the sale.
This transaction presented the buyer a unique opportunity to acquire a core-branded Marriott hotel at a fraction of replacement cost in a market with significant growth prospects. The hotel is situated on ~7.7 acres of prime commercial land in Central Bakersfield which also offers the buyer the potential for future redevelopment.
“The Bakersfield market has several factors influencing the market’s growth, including being number one and two in the nation in agriculture and oil production, respectively. In addition, the metro is ranked in the top 20 of the nation for the following: Millennial job growth, STEM job creation, upward mobility, engineering jobs, strongest recovering metro, fastest growing metro GDP and best performing metro area. This growth combined with the region’s access to Northern and Southern California presented a compelling story for the investment.”
This transaction contributes to PLA's activity in the Western U.S. and represents the seventh closing in recent months with one other deal that also closed in Q4 2018.