Paramount Lodging Advisors arranges sale of TownePlace Suites Silicon Valley

Paramount Lodging Advisors has announced the sale of MN Newark's interest in the TownePlace Suites by Marriott in Newark, Calif., to Moody National REIT 1. The hotel was sold for $11.4 million.

The hotel is located just off Interstate 880 at 39802 Cedar Boulevard and caters to extended-stay travelers in East Bay and Silicon Valley. The three-story, 127-room hotel opened in 2000. The property is wood frame construction on poured slab foundation, stucco exterior, and pitched roof with asphalt shingles.

The hotel has studio, one-bedroom, and two-bedroom suites. Scott Griemsmann, senior managing director of the Western U.S., represented the owners in the transaction.  

PLA is a hotel brokerage and advisory firm specializing in the sales of hospitality assets, debt and equity placement, as well as value enhancement services across the United States.

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