Holiday Garden Group buys Newark, Calif., TownePlace Suites

townplacenewark

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.

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Hotel Optimization Part 3 | January 27, 2021

With 2020 behind us and widespread vaccine distribution on the horizon, the second half of the new year is looking up, but for Q1 (and most likely well into Q2) we’re very much still in the thick of what has undeniably been the lowest point of the pandemic. What can you be doing now to power through and set yourself up for a prosperous 2021 and beyond? Join us at Part 3 of Hotel Optimization – A Virtual Event on January 27 from 10am – 1:05pm ET for expert panels focused on getting you back to profitability.