OAKLAND, Calif. – May 11, 2015 – CIM Group announced today the sale of the 21-story, 489-room Marriott City Center in downtown Oakland, the latest asset disposition from its substantial national portfolio of properties under management. Located at 1001 Broadway, the hotel is contiguous to the Oakland Convention Center and one block from a BART station. CIM Group completed a comprehensive renovation of the hotel in 2011, modernizing all common areas and guest rooms, and later renovated, alongside the City of Oakland, the hotel and Convention Center’s combined 89,000 square feet of meeting space.
“CIM identified downtown Oakland as an urban market with key attributes such as solid infrastructure and a walkable environment, that was poised to benefit from its position in the Bay Area and easy access to San Francisco,” said Shaul Kuba, Co-founder and Principal of CIM Group. “CIM’s experienced hospitality team oversaw the renovation and repositioning of the hotel, increasing its value and creating a stabilized commercial asset attractive to investors in today’s market. There is significant demand for well-located and solid performing hotel assets like the Marriott City Center.”
CIM’s acquisition of the Oakland Marriott in 2007 was the company’s first asset acquisition in downtown Oakland, and is a part of CIM’s approximately 3-million-square-foot Bay Area portfolio that includes a variety of Class A commercial properties in San Francisco and Oakland.
Since January, including the Marriott City Center, CIM has sold assets totaling 570 residential units, 908 hotel rooms and approximately 1,420,000 square feet of retail space.
About CIM Group
CIM Group is a leading real estate and infrastructure investment firm that since 1994 has systematically and successfully invested in dynamic and densely populated communities throughout North America. CIM Group draws on its experienced team of real estate, investment and finance professionals to identify and pursue investment opportunities in three primary strategic categories: repositioning and development projects in established and emerging urban areas; well-positioned operating properties in transitional and established districts; and infrastructure. CIM manages three distinct portfolios, including opportunistic, stabilized and infrastructure funds, each of which are diversified by geography and type of property within that risk profile. Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area Bethesda, Maryland, and Dallas. For more information, please visit www.cimgroup.com