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Newly Completed Hilton Garden Inn in Fremont Sells for $41.7M

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Colliers represents seller in sale indicating investor confidence in Bay Area

Fremont, CA (September 27, 2021) – Colliers, a leading diversified professional services and investment management company, recently facilitated the sale of a newly completed Hilton Garden Inn in Fremont, California. The hotel, which spans five stories and includes 145 rooms, conference spaces, an extended outdoor area, restaurant and lobby bar, was completed in May 2021. Colliers US Hotels Executive Managing Director Dharmesh Patel represented the seller, Maryland-based Baywood Hotels Inc, who sold the building to AWH Partners. AWH retained ownership of the building on September 9, 2021, purchasing the property for $41,700,000. The final sales price accounts for the land and building plus fixtures, furniture and equipment.

“This sale was a vote of confidence from institutional buyers that there is value in the Silicon Valley market, even during a time when corporate travel is far and few between,” said Patel. “The Silicon Valley has been one of the worst performing hotel markets in the country during the pandemic. That being said, there is a lot of capital currently chasing deals in Silicon Valley as there is very little fear that this market won’t rebound back to one of top markets post-pandemic.”

About Colliers International
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.

Media Contact:
Solana Tanabe
Allison + Partners for Colliers
Solana.tanabe@allisonpr.com
+1 916 799 3193


 

 


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Dharmesh Patel

Executive Managing Director, Hotels USA

Silicon Valley

With over 25 years of experience in the hospitality industry, from owning, developing and operating hotels, Dharmesh has an extensive background serving in various capacities, such as hotel development and management, new hotel operations, hotel conversion and reconditioning, as well as hotel acquisition and divesture.  Dharmesh has a diverse background which brings real hands-on experience in many area of commercial real estate investments and development particularly in the hotel industry.  Dharmesh and his family have owned and operated hotels and retail centers in California and various locations throughout the country for over 50 years.  Dharmesh is a member of numerous local and national hotel owners associations as well as a franchisee member of international hotel chains.  To compliment his real estate experience, Dharmesh has a finance and accounting background being trained as a CPA as well as extensive experience in very complex large dollar transaction with his prior work in high technology mergers and acquisition. 

 

Prior to joining Colliers International, he was a partner in starting a commercial division of a real estate firm in Santa Cruz, CA.  Dharmesh began his career working at a prestigious local CPA firm in Silicon Valley prior to 8 years spent working in the areas of Finance, Sales, Equity Investments, Mergers and Acquisitions at BEA Systems, Inc.  His background has culminated in hundreds of multi-million dollar transactions on a national and international level.  Dharmesh is a graduate of Santa Clara University, Leavey School of Business with a BSC in Accounting.  He furthered his education with post graduate studies at New York University, Stern School of Business in the areas of Corporate Valuations, Mergers and Acquisitions.

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