OAKLAND — An Oakland hotel near the city’s international airport has been bought in a deal that points to continued weakness in the Bay Area hospitality market.
The Courtyard by Marriott Oakland Airport hotel was purchased for $12.5 million, documents filed on Dec. 26 with the Alameda County Recorder’s Office show. Harprit Dhillon, a business executive based in the Sacramento County city of Elk Grove, headed up the affiliated buying group that bought the 156-room hotel at 320 Hegenberger Road in Oakland, according to state public documents.
“This is a great price for this hotel,” said Alan Reay, president of Atlas Hospitality Group, which tracks the California lodging market. “The buyer will be able to own this as a long-term investment.”…