Hilton Garden Inn Sale Shows Confidence in Market Rebound

A newly completed Hilton Garden Inn in Fremont, CA recently sold for $41.7 million. The hotel, which spans five stories and includes 145 rooms, conference spaces, an extended outdoor area, restaurant and lobby bar, was completed in May 2021.

Dharmesh Patel, Colliers U.S. hotels executive managing director, represented the seller, Maryland-based Baywood Hotels Inc., which sold the building to AWH Partners. AWH retained ownership of the building on September 9, 2021. The final sales price accounts for the land and building plus fixtures, furniture and equipment.

“This sale was a vote of confidence from institutional buyers that there is value in the Silicon Valley market, even during a time when corporate travel is far and few between,” said Patel. “The Silicon Valley has been one of the worst performing hotel markets in the country during the pandemic. That being said, there is a lot of capital currently chasing deals in Silicon Valley as there is very little fear that this market won’t rebound back to one of top markets post-pandemic.”