Rockwood Real Estate Advisors Arranges $13 Million in Financing for Acquisition of 242-Room Marriott Pleasanton Hotel

NEW YORK--(BUSINESS WIRE)--Rockwood Real Estate Advisors, a full service real estate investment banking firm, announced today that they have arranged $13 million in financing on behalf of Wheelock Street Capital for the acquisition of the Marriott Pleasanton Hotel in Pleasanton, California. The loan was placed through a national commercial bank and included a creative earn-out structure.

“Wheelock is a very experienced hotel owner. Given their strength and experience, as well as the quality of the asset, we were able to arrange very favorable loan terms that included the earn-out structure, meeting Wheelock’s objective of generating future loan proceeds.”

The property was purchased from an institutional investor who owned the asset for approximately five years. Recently renovated, the 242-room hotel is located off Freeways 580 and 650, offering convenient access to many Bay Area attractions, businesses, and major airports, including Oakland International Airport, San Jose International Airport and San Francisco International Airport.

Andrew Kern, Managing Director of Rockwood’s hospitality team, led the transaction, which was executed by Christopher Seter and Eric Baum, Managing Directors in Rockwood’s Capital Markets Team. Kern commented on the transaction, “Wheelock is a very experienced hotel owner. Given their strength and experience, as well as the quality of the asset, we were able to arrange very favorable loan terms that included the earn-out structure, meeting Wheelock’s objective of generating future loan proceeds.”

About Rockwood Real Estate Advisors

Rockwood is a full-service real estate investment banking firm headquartered in New York with additional offices throughout the United States. Formed in 1991, the firm provides a broad range of research-driven real estate investment banking services and business solutions to institutional and private investor clients on a national and global basis. As of May 2011, Rockwood is a wholly owned subsidiary of CW Financial Services. For more information regarding Rockwood Real Estate Advisors, please visit its website at www.rockwoodrea.com.