May 8, 2017
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Hong Kong-based Gaw Capital is expanding its portfolio with the acquisition of two Bay Area assets. The investments total $263.6 million and include the 494-room Oakland Marriott City Center hotel in Oakland, CA, and the roughly 260,000-square-foot 555 Montgomery Street office building in San Francisco.
The hotel property, located at 1001 Broadway, is being acquired from San Jose-based DiNapoli Capital Partners and New York-based Apollo for $143 million. The office asset was purchased from the East West Bancorp for $120.6 million.
The Oakland acquisition was made through the company’s $315 million US Fund II. It gives Gaw Capital control of 656 rooms in Oakland’s downtown core, since the company already owns the 162-room Marriott Courtyard hotel across the street.
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