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The Hyatt House in Pleasanton, an extended-stay hotel located near the Hacienda Business Park, recently changed hands as part of an auction sale.
According to Alchemy Real Estate Advisors, a national hospitality brokerage firm, the Pleasanton property was the second Hyatt House Hotel that was sold in the East Bay — the other being the Hyatt House Pleasant Hill.
The East Bay Times reported that the Pleasanton hotel was sold for $800,000. The Weekly was unable to independently verify this information, but according to an old for-sale video from the brokerage firm, the starting bid was $300,000.
“Both transactions required thoughtful execution given the complexities involved, including lender ownership and other deal-specific nuances that materially shaped the process,” Josh Mehlberger, vice president of Alchemy Real Estate Advisors’ California office, said in a June 4 press release.
“Despite these complexities, the market responded well to two branded extended-stay assets in strong East Bay locations,” Mehlberger added. “The outcome reinforces that there is meaningful capital pursuing hospitality opportunities where buyers can see a clear path to value creation.”
It’s unclear what, if any, changes will come from this sale. The Weekly reached out to Mehlberger for additional information, but he said the organization was unable to share anything else.
The Hyatt House Pleasanton is a 128-room extended-stay hotel located at 4545 Chabot Drive, which puts it near a diverse base of employers and makes it a desirable location for an extended-stay hotel. According to the Alchemy press release, the brokerage firm yielded broad interest from several qualified investors and buyers which showed the hotel’s marketability.
“The buyer pool included California-based buyers and various national groups seeking value-add hospitality opportunities,” the Alchemy press release stated.
Although the firm did not name the two “separate privately held California-based hospitality investment and operating groups” that took over the two extended-stay hotels, Alchemy states that the sales “underscore continued investor interest in branded hospitality assets with strong locations, operational upside, and long-term value creation potential”.
“They also reflect the continued appeal of extended-stay hotels in markets supported by diverse economic and corporate demand drivers,” according to the press release.
