The Sheraton Pleasanton Hotel next to Stoneridge Shopping Center has been sold for $12.3 million, the hotel has announced.
PKF Capital San Francisco said it arranged the sale of the 170-room hotel to Pleasanton Lodging LP, a partnership involving principals from Sethi Enterprises and Kapoor Enterprises.
The property was converted to a Sheraton Hotel from a Wyndham Garden Hotel in 2006 after a multimillion dollar renovation. Another $500,000 in renovations was planned to be spent last year but was curtailed due to financial problems.
According to Alameda County property records, the financiers of the Sheraton filed a notice of default in January 2009 due to the worsening economy and a reduction in business travel. The hotel later went into foreclosure.
"The new owners have a great plan to retain the Sheraton brand and solidify its position as a preferred corporate address," Mark McDermott of PKF said in a statement.