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Cornerstone Holdings Acquires Four Points By Sheraton Hotel In San Rafael For $38M

Property Image
SOLD
$38,000,000

California

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Hotel133,000 SF
Sold 06/29/2023
the dealdetailscomps
Property Image
SOLD

Cornerstone Holdings Acquires Four Points By Sheraton Hotel In San Rafael For $38M

1010 Northgate Dr, San Rafael, CA 94903, United States

See Similar Deals
Hotel133,000 SF
Sold 06/29/2023
the dealdetailscomps

Summary

CALIFORNIA
Asset Type:Hotel
Price Per Square Foot:$285
Total Square Footage:133,000 SF
Transaction Type:Sale

The Four Points by Sheraton hotel in San Rafael, Marin County, has been sold for approximately $38 million. The buyer, Cornerstone Holdings, based in Denver, acquired the 127-room hotel, which generates an annual revenue of $4.7 million. This transaction stands out as one of the higher-priced deals in the Bay Area hospitality market.

Summary of transaction details

  • Property Type: Hotel
  • Transaction Amount: $38,000,000
  • Address: 1010 Northgate Drive - Four Points by Sheraton
  • Market: San Rafael

Cornerstone Holdings, led by Tom McCloskey, represented the buyer in this deal. On the seller's side, San Rafael Hillcrest was represented by Beth Gamble. The hotel spans 133,000 square feet, with a price per square foot of $286. The transaction included 127 keys, resulting in a price per key of $299,213. The sale of the Four Points by Sheraton hotel adds to Cornerstone Holding's portfolio in the hospitality sector.

Players

CH
Cornerstone Holdings
BUYER

Details

SOLD
IMAGE: Tom McCloskey DATE: 06/29/2023 ADDRESS: 1010 Northgate Drive - Four Points by Sheraton MARKET: San Rafael ASSET TYPE: Hotel BUYER: Cornerstone Holdings - Tom McCloskey SELLER: San Rafael Hillcrest - Beth Gamble SALE PRICE: $38,000,000 KEYS: 127 ~ PPK: $299,213 SF: 133,000 ~ PPSF: $286 NOTE: Cornerstone Holdings, based in Denver, has acquired the Four Points by Sheraton hotel in San Rafael, Marin County, for around $38 million. The 127-room hotel brings in an annual revenue of $4.7 million and stands out as one of the higher-priced transactions in the Bay Area hospitality market.

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