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.
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.