Interstate has signed a long-term contract to manage two Marriott-branded properties in downtown Oakland, CaliforniaThe properties are the 484-room Oakland Marriott City Center and the 162-room Courtyard by Marriott Oakland Downtown. Both properties were recently acquired by CIM Group, a large real estate investor based in Hollywood.
In addition, Interstate will manage the 75,000 square foot Oakland Convention Center adjacent to the Marriott City Center hotel. The new owners expect to conduct a substantial renovation of the properties over the next three years, to include rooms and public space.
“While we manage a number of hotels in northern California, these two hotels represent our entry into the Oakland market and bring our total number of contracts in the state to 32,” said Thomas F. Hewitt, chief executive officer. “Oakland is in the middle of an urban renaissance, and we are very optimistic about the long-term profit potential of these two downtown properties, which will continue to benefit from the rapid growth in business, retail and residential projects. With our size and operational advantages, and previous experience with convention center properties, we are confident we can deliver a better bottom line for our owners and help these properties live up to their full operating potential.”
“CIM Group is a major private equity fund based in California,” said Leslie Ng, chief investment officer. “We look forward to expanding our relationship with CIM Group and will continue to seek opportunities to expand our core hotel management business. We remain focused on first-class, full-service and select-service hotels affiliated with top-quality, internationally known brands like Marriott, Sheraton, Westin, and Hilton, as well as independent hotels and resorts.”