CBRE Hotels Arranges Sale of Sanctuary Beach Resort on Monterey Bay

Marina, California – January 28, 2016 – CBRE Hotels is pleased to announce the sale of the award winning Sanctuary Beach Resort located on the sands of Monterey Bay in Marina, California. The fee simple interest in the going concern was sold to Hersha Hospitality Trust for $39.425 million ($657,000 per key).

Henry Bose and Mark McDermott of CBRE’s San Francisco office arranged the sale of the asset on behalf of the seller, Pacific Valley Investors.

“The resort—spread out over 13 fee simple acres on the beach overlooking Monterey Bay—is simply spectacular and unique to the entire area,” stated Mr. Bose, senior vice president, CBRE Hotels.

The full-service resort features 60 deluxe guestrooms and suites with breathtaking ocean views. Amenities of the resort include a restaurant/bar, meeting space and spa. The resort is adjacent to not only the National Marine Sanctuary, but also at the edge of the majestic Pacific Ocean.

“The strong historical operating performance, powered by its proximity to Silicon Valley and the San Francisco Bay Area led to extremely strong investor interest,” added Mr. McDermott, senior vice president, CBRE Hotels.

CBRE Hotels is a specialized advisory group within CBRE providing brokerage, valuation, consulting, research and capital markets services to companies in the hotel sector. CBRE Hotels is comprised of more than 385 dedicated hospitality professionals located in 60 offices across the globe.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.