Ashford Hospitality Trust, a Texas-based real estate investment trust (REIT), has entered into a definitive agreement to acquire the Fremont Marriott Silicon Valley hotel in a $37.5m debt-financed deal.
Located in the Silicon Valley submarket of the Bay Area in northern California, the hotel features 357 well-equipped guestrooms and approximately 15,000ft² of meeting space spread across 19 flexible meeting areas.
The Marriott-branded hotel also has a 7,590ft² Grand Ballroom, a restaurant, lounge and complimentary on-site parking.
The Fremont Marriott Silicon Valley will be managed by Remington Lodging, and the company expects the deal to close in the next 30 days.
Ashford Trust’s chairman and CEO Monty J. Bennett said: "We are very excited with this acquisition considering its significant upside potential.
"This hotel offered us an exceptional opportunity. It has a prime location in a high barrier to entry market, and the property recently completed a renovation allowing it to provide best-in-class product quality and services.
"With the ability to install our affiliated property manager, Remington Lodging, as the new property manager for the hotel, we expect the operating performance of the hotel to improve significantly."
Originally built in 1999, Fremont Marriott Silicon Valley hotel has undergone several renovations, including an approximately $8.1m overhaul last year.