Sacramento Hampton Inn sold to Blackstone for $10M

The newest hotel in West Sacramento changed hands  as part of a nationwide portfolio sale of 19 hotels to New York private equity firm Blackstone Group.

Spartanburg, S.C.-based OTO Develoment LLC developed and built the Hampton Inn & Suites at 800 Stillwater Road, which opened in 2009. OTO sold the West Sacramento property in a package deal of hotels that closed Jan. 22. The $400 million financing for the portfolio came from GE Capital Corp.

The local property sale value was pegged at $10.2 million.

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As part of the deal, OTO will continue to manage most of the properties. OTO already manages 15 hotels for Blackstone.

The West Sacramento Hampton is a 110-room property just off Interstate 80 in West Sacramento. It is near Ikea, Wal-Mart and Home Depot, as well as much of West Sacramento's newer office parks. The location is also at the entrance to a large cluster of warehouses, offices, distribution plants and laboratories along Stillwater Road, such as Bayer CropScience, Tony's Fine Foods and TestAmerica's West Sacramento lab.

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During the first three weeks of June, new Tru by Hiltons opened in Pennsylvania, Texas, Oklahoma and Idaho.

The hotel is set in an original Art Nouveau building from the 19th century.

The combined company, which will retain the Caesars name, will comprise 60 properties and more than 50,000 guestrooms.