Paramount Lodging Advisors announced the sale of 125-room TownePlace Suites in Newark, Calif. The hotel is located just off Interstate 880 at 39802 Cedar Boulevard and caters to extended – stay travelers in East Bay and Silicon Valley. PLA’s senior managing director, Scott Griemsmann, exclusively represented the seller, Moody National REIT. Holiday Garden Group purchased the hotel for an undisclosed price.
“Core Silicon Valley markets have seen double digit RevPar growth for 3+ years now. Compression, corporate expansion, and new development are fueling a more recent trend in the East Bay markets like Fremont/ Newark, “ stated Griemsmann. The market experienced 23.8-percent RevPar growth YOY, while the TownePlace Suites saw 28.5-percent RevPar growth YOY, as of July 2015.