OAKLAND, CALIF. — DiNapoli Capital Partners has acquired the 489-room Marriott City Center in downtown Oakland for a reported $84 million. The hotel is located at 1001 Broadway.
The property is attached to the Oakland Convention Center. It is one block from a BART station.
The seller, CIM Group, renovated the hotel in 2011, modernizing all common areas and guest rooms. It also partnered with the City of Oakland to renovate the hotel and convention center’s combined 89,000 square feet of meeting space.
CIM acquired the Oakland Marriott in 2007. It was the company’s first asset in downtown Oakland. The firm currently maintains a Bay Area portfolio of about 3 million square feet of Class A space. CIM has disposed of a total of 570 residential units, 908 hotel rooms and about 1,420,000 square feet of retail space, including this latest sale, since the beginning of the year.