A Marin County hotel set for conversion got a new lease on life after it was bought by a California investor, earning the deal a CoStar Impact Award for sale/acquisition of the year for North Bay/Santa Rosa, as judged by real estate professionals familiar with the market.
Four Points by Sheraton San Rafael Marin County was acquired by San Francisco-based Equinox Hospitality for $38 million at a time when few new hotels have entered the market. Just 104 units have been delivered since 2008.
The previous owner planned on converting the hotel into housing. But those plans are now on hold, and the hotel is set to become part of a family of boutique hotels known as the Tribute Portfolio by Marriott, which has 36 locations from Scottsdale to Ibiza.
About the Deal: The 235-key hotel features 7,000 square feet of event space spread across seven ballrooms and meeting rooms. The property also has an outdoor pool, a restaurant and bar space, and an outdoor seating area
What the Judges Said: It's "impactful to see this project not be converted to housing," wrote Whitney Strotz, executive managing director at Cushman & Wakefield.
They Made it Happen: JLL represented the seller as part of the team that included Melvin Chu, executive vice president at JLL; and Ankur Mulji, associate at JLL.
CoStar Market Manager Jordan Taylor contributed.