{"id":1004119309,"date":"2015-05-13T06:07:18","date_gmt":"2015-05-13T14:07:18","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004119309"},"modified":"2022-12-03T07:57:40","modified_gmt":"2022-12-03T15:57:40","slug":"cim-group-sells-oakland-marriott-hotel","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cim-group-sells-oakland-marriott-hotel\/","title":{"rendered":"CIM Group Sells Oakland Marriott Hotel"},"content":{"rendered":"<p><i>By Keith Loria, Contributing Editor<a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/MARRIOTT.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004119311\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/cim-group-sells-oakland-marriott-hotel\/marriott-4\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/MARRIOTT.jpg\" data-orig-size=\"1059,1600\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Picasa&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"MARRIOTT\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/MARRIOTT.jpg?w=678\" class=\"alignright size-medium wp-image-1004119311\" alt=\"MARRIOTT\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/MARRIOTT.jpg\" width=\"198\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/MARRIOTT.jpg 1059w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/MARRIOTT.jpg?resize=768,1160 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/MARRIOTT.jpg?resize=678,1024 678w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/MARRIOTT.jpg?resize=1017,1536 1017w\" sizes=\"auto, (max-width: 198px) 100vw, 198px\" \/><\/a><\/i><\/p>\n<p>The DiNapoli Group acquired the Oakland Marriott City Center, a 21-story, 489-key hotel in downtown Oakland, from CIM Group for a reported $84 million.<\/p>\n<p>CIM\u2019s acquisition of the Oakland Marriott in 2007 was the company\u2019s first asset acquisition in downtown Oakland, and was part of the company\u2019s approximately 3-million-square-foot Bay Area portfolio that includes a variety of Class A commercial properties in San Francisco and Oakland.<\/p>\n<p>\u201cCIM identifies communities in established and transitional urban markets with key attributes including a solid transportation infrastructure and a walkable environment,\u201d Shaul Kuba, CIM Group\u2019s co-founder &amp; principal, told <i>Commercial Property Executive<\/i>. \u201cThis property located in downtown Oakland is close to the commercial core and a block from a BART stop allowing easy access to San Francisco.\u201d<\/p>\n<p>Located at 1001 Broadway, the hotel neighbors the Oakland Convention Center and is just one block from a BART station.<\/p>\n<p>According to Kuba, CIM\u2019s in-house teams develop or reposition properties to create stabilized cash flows that make these assets attractive to domestic and international investors.<\/p>\n<p>The hotel went through a comprehensive renovation in 2011, including the modernization of all common areas and guest rooms. CIM, along with the City of Oakland, also renovated the hotel and Convention Center\u2019s combined 89,000 square feet of meeting space.<\/p>\n<p>Analysts feel the hospitality industry in Oakland should be on the rise thanks to a growing nightlife in the area.<\/p>\n<p>\u201cGenerally speaking I think Oakland is underserved in \u2018hospitality\u2019 or \u2018hotel\u2019 and I think the reasons are obvious,\u201d Ken Meyersieck, Colliers International\u2019s senior vice president, San Francisco East Bay, told <i>CPE<\/i>. \u201cIf you were coming to the Bay Area for a short business trip where would you want to stay\u2026Oakland or San Francisco?\u00a0 That said, the organic growth in the restaurants, beer gardens, entertainment areas are all showing very positive signs and that momentum is reflected in multi-family rental rates.\u00a0Couple that with the new construction that is on the horizon it will just be a matter of time before demand for overnight rooms will increase.\u201d<\/p>\n<p>So far in 2015 CIM has sold assets totaling 570 residential units, 908 hotel rooms and approximately 1,420,000 square feet of retail space.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lodging is in demand in downtown Oakland, Calif., and CIM Group is capitalizing on it.<\/p>\n","protected":false},"author":451,"featured_media":1004119311,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21751,21783,21742,15],"tags":[],"class_list":["post-1004119309","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hotel","category-investment","category-latest","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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