"The Courtyard by Marriott Oakland Airport hotel was purchased for $12.5 million, documents filed on Dec. 26 with the Alameda County Recorder's Office show. Harprit Dhillon, a business executive based in the Sacramento County city of Elk Grove, headed up the affiliated buying group that bought the 156-room hotel at 320 Hegenberger Road in Oakland, according to state public documents."
"The $12.5 million price works out to roughly $80,100 a room. That's a huge decline from the property's assessed value and its per-room value derived from recent re-financings of the hotel, which is near Oakland San Francisco Bay Airport. In 2016, the hotel was refinanced for $43.9 million, and in 2018, the hospitality hub was refinanced for $32.1 million, according to Real Capital Analytics. The 2016 refinance worked out to $281,200 a room, while the 2018 financing revamp equated to $205,500 a room."
Harprit Dhillon led a buying group that purchased the 156-room Courtyard by Marriott Oakland Airport at 320 Hegenberger Road for $12.5 million. The sale equates to roughly $80,100 per room. The price marks a steep decline from 2016 and 2018 refinancings of $43.9 million and $32.1 million, which translated to $281,200 and $205,500 per room. The new purchase price is about 63% below the assessed value of $33.5 million in January 2025. Ashford Hospitality Trust's affiliate defaulted on the hotel's loan in 2023 and a receiver was appointed in 2024. Atlas Hospitality Group's Alan Reay described the price as a great deal and estimated replacement cost at $200,000–$250,000 per room, with the buyer positioned for possible market recovery over five to ten years.
Read at The Mercury News
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