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Archive for the ‘Walnut Creek’ Category

Marriott Walnut Creek hotel for sale and is expected to draw buyers

Tuesday, April 12th, 2011
Walnut Creek Marriott

The Walnut Creek Marriott is on the sales block, brokers said Monday, in a deal that could fetch $50 million or more for the downtown landmark.

Perched on North Main Street near Interstate 680, the iconic hotel is being offered for sale by a partnership headed by Patrick Nesbitt and his firm, Windsor Capital Group.

The 338-room hotel is expected to fetch a decent price in a market where hotels in good locations appear to be selling briskly.

"It's not a fire sale," said Norval Nelson, general manager of the Marriott Walnut Creek. "It all depends on whether they can realize a certain sales value, and if Mr. Nesbitt is willing to sell at that price."

A reasonable price for the hotel could be in the range of $150,000 a room, said Alan Reay, president of Irvine-based Atlas Hospitality Group, which tracks the California hotel market.

"In terms of prices … Read the rest

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