LOS ANGELES—June 6, 2007—CIM Group, known for its district approach to commercial real estate investment and development, is establishing an ownership position in Oakland's bustling downtown city center with the acquisition of two hotels. The 484-room Oakland City Center Marriott and the 162-room Courtyard Oakland Downtown offer attractive amenities for the business or leisure traveler as well as abundant meeting space in a premier downtown location.
"We see considerable room for growth in market capture, rates and occupancy," said John Given, principal, CIM Group. "There is a strong commitment to the renaissance of downtown Oakland and we believe that these two well-located hotels will be an important factor in that initiative. CIM will continue to seek investment opportunities in Oakland and the East Bay."
Built in 1983, the Oakland City Center Marriot is a 21-story, full-service hotel located at 1001 Broadway adjacent to the Oakland Convention Center and a BART station. The hotel offers a variety of amenities including casual and fine dining options, a fitness center and swimming pool as well as 89,000 square feet of meeting space. CIM Group plans a comprehensive renovation. Over and above modernization that will provide a completely new look and feel for the guest rooms and common areas, CIM will evaluate enhancements to compliment the convention and meeting business and develop the retail and restaurants particularly along the street to create new pedestrian energy and activity.
"We envision the street-level space at the Oakland City Center Marriott as a destination in the hub of downtown with an array of restaurants and retail that will engage locals as well as visitors," noted Given.
Across the street at 988 Broadway, the five-story Courtyard Oakland Downtown is designed with a residential feel and abundant, comfortable work spaces, well suited to the business or leisure traveler. Built in 2002, the hotel features a swimming pool, whirlpool and exercise room. Both properties are steps away from some of the city's most vibrant and attractive neighborhoods including O ld Oakland and Chinatown.
CIM Group has engaged Interstate Hotels and Resorts to assume management of the hotels.
About CIM Group
Founded in 1994, CIM Group is a full-service private equity real estate investor. The company applies its multidisciplinary expertise in the areas of investment and development, mezzanine financing, fund management, commercial leasing and property management. CIM has successfully identified and invested in some of the most vibrant transitional urban districts in North America based on its integrated approach to investing that utilizes its broad based in-house capabilities and deep market knowledge.
CIM specializes in high-density urban communities, bringing its extensive real estate experience to a diverse array of asset categories including mixed-use, office, retail, hotel, entertainment and multifamily. Headquartered in Los Angeles, CIM maintains regional offices in San Francisco and Bethesda, Maryland. More information on CIM can be found at cimgroup.com.