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Sheraton in Pleasanton Sold for $12.3M

February 11, 2010

About a year ago we reported on the default of the Sheraton in Pleasanton. The hotel has now changed hands to a group of investors for $12.3M, or $72K per key (170 rooms).

The buyers, a partnership of Sethi Enterprises and Kapoor Enterprises expects to dump an additional $2m into the asset to upgrade lobbies and common areas.

The seller carried back some financing on the deal as well. Here are some additional photos of the asset.

[via InsideBayArea]

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Categories: Commercial Real Estate Investing | Notable Deals
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LC Chase February 17, 2010

Congratulations to Sethi and Kapoor! I believe your purchase will be looked at as a great business move in about 4 years. I like the property and have stayed there numerous times. Best of Luck to them and we should all be on the lookout for these hotel bargains.

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