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California Sheraton Sells For US$12.3m

California Sheraton Sells For US$12.3m

Capital San Francisco has arranged the sale of the 170-key Sheraton hotel located in Pleasanton, California, for US$12.3 million, or US$72,353 per key.

Henry Bose and Mark McDermott, from the San Francisco office of PKF Capital represented the seller, a Southern California-based fund manager. The buyer is Pleasanton Lodging LP, a partnership involving principals from Sethi Enterprises and Kapoor Enterprises.

“The offering of the Sheraton hotel was one of our most active listings, providing the seller with a number of strong candidates,” said Bose. “The new owners have a great plan to retain the Sheraton brand and solidify its position as a preferred corporate address,” added McDermott.

The full-service hotel is situated next to Stoneridge Mall, and central to numerous high profile corporate headquarters. It features meeting and banquet space, a restaurant and lounge as well as signature Sheraton amenities including a Concierge Level, Concierge Lounge and Link Business Center. The property was converted to a Sheraton Hotel from a Wyndham Garden Hotel in 2006 after a multimillion dollar renovation.