LOS ANGELES – December 10, 2015 – The CBRE Strategic Partners U.S. Value 7 fund has acquired the Sofitel San Francisco Bay, an AAA Four Diamond, 421-room, 8-story full-service hotel in Redwood City, California.
Located at 223 Twin Dolphin Drive, the hotel is adjacent to Highway 101 with proximity to local employers including the global headquarters of several notable technology companies, to the employment hubs of both San Francisco and Silicon Valley, and to the airport, all of which are key demand drivers. Hotel amenities include over 20,000 square feet of meeting space that attracts group corporate business and weddings, a full-service restaurant, state-of-the-art fitness center, and an outdoor pool and event patio.
As part of its value-added strategy, the fund team is exploring options to upgrade sleeping rooms as well as create additional meeting/event space and sleeping rooms. They are also looking at options to expand the food and beverage service.
San Francisco, which has experienced a strong recovery since the global financial crisis, is a focus market for the fund.
“San Francisco has been one of the best-performing metro economies in the country in this recovery,” said Vance Maddocks, President of CBRE Strategic Partners U.S. “Furthermore, Bay Area hotels have performed well since the recession, and the Sofitel is a premier asset in a top-tier market that has a limited supply of full-service hotels in the area.”
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $86.0 billion in assets under management* as of September 30, 2015. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment firm for the benefit of its investors. CBRE Group, Inc. has more than 70,000 employees in more than 400 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.