R. Scott Dennis Of Invesco Acquires Oakland Marriott City Center From Goodwin Gaw For $70.2M

The asset involved in this transaction is the Oakland Marriott City Center, a 500-room hotel located at 1001 Broadway in Oakland. The property was sold for $70,200,000 in a foreclosure auction, reflecting a significant decline in value since its previous transaction in 2017, when it was purchased for $143,000,000. The price per key for this hotel is $140,400.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $70,200,000
• Buyer: R. Scott Dennis
• Buyer Company: Invesco
• Seller: Goodwin Gaw
• Seller Company: Gaw Capital
• Market: Oakland
• Keys: 500
• Price Per Key: $140,400

This transaction involves R. Scott Dennis representing Invesco as the buyer and Goodwin Gaw representing Gaw Capital as the seller. The sale is a consequence of Gaw Capital's default on a $100,000,000 loan. The auctioned sale contributes to a trend of distressed hotel transactions in the Oakland market.