Paramount Lodging Advisors (PLA) has successfully executed the sale of a land parcel with approvals for a 122-room Courtyard by Marriott development located in Petaluma, California. Senior Managing Director Scott Griemsmann represented the seller in this transaction.
The hotel itself will be part of the 35-acre “Riverfront” mixed use development. It is currently planned to include office, residential, retail, and 7.5 acres of open space.
“We are very pleased with the results for this transaction. This is a great project in a high barrier to entry market that has easy access to Napa/Sonoma wine country and the San Francisco Bay Area. This coupled with the city of Petaluma's charm and architecture will make this project a success for the developer and community for years to come,” stated Griemsmann.
The development has excellent visibility from highway 101 and is proximate to downtown Petaluma. The $30+ million hotel is scheduled to be completed in 2019.