$143 Million For Two Marriotts

The Courtyard San Francisco Downtown and Bridgewater Marriott in New Jersey were sold in a bulk purchase for approximately $143 million. The new owner, CY-SF Hotel Partnership (otherwise known as CNL Hospitality Corp., a private REIT in Orlando) purchased the two facilities, while Marriott remains the manager of both hotels. The San Francisco Courtyard located at 299 2nd St. in San Francisco, totals 320,250 square feet. It sold for $76.181 million, $237.88 per square foot or $188,101 per unit. Having recently opened in October 2001, the Courtyard is located South of Market in proximity to Moscone Convention Center, Union Square and Pac Bell Park. The 405-unit hotel includes an on-site restaurant (Jasmine Court), room service, a lounge, valet parking, safety deposit boxes and fax/copy machines. Amenities include an indoor pool, spa, gym and whirlpool. The Bridgewater Marriott is located at 700 Commons Way in Bridgewater, NJ. The eight-floor, 344-unit hotel sold for $66.819 million or $194,241 per unit.