Business & Finance

HREC Arranges Sale of the Beverly Heritage Hotel Milpitas, California

DENVER, CO./Phoenix, AZ. January 4, 2017 – HREC Investment Advisors is pleased to announce it has arranged the sale of the 236-guestroom Beverly Heritage Hotel located in Milpitas, California. The boutique hotel was acquired by HPT IHG-2 Properties Trust.

Bill Murney, Senior Vice President, and Scott Stephens, COO and Senior Principal, exclusively represented PHF Ruby LLC during the transaction.

“Sonesta has been looking for a west coast presence, and the new Sonesta Silicon Valley provides that beachhead property. Sonesta will spend millions of dollars on renovating every part of the hotel to provide the first class accommodations they have built their reputation around,” stated Murney.

The property has great access and visibility in addition to being surrounded by the numerous corporate demand generators including many of the world’s largest technology companies, including Cisco’s HQ a couple of miles away,, and the newly built Levi Stadium home of the San Francisco 49ers and Super Bowl 50. The strength of the Silicon Valley economy has attracted new international and domestic routes to the Mineta San Jose International Airport (SJC) which also benefits the hotel.

About HREC®: HREC® is the nation’s leading lodging and gaming real estate advisory firm specializing in property sales, mortgage brokerage, equity/JV structuring, consulting (market studies and appraisals), and litigation support. With offices throughout North America, HREC® is distinguished by unwavering commitment to client service and success through its team approach, intellectual capital and hotel/casino specialization.

For addition information on the property, please contact:

Bill Murney
Senior Vice President
bmurney@hrec.com
602.279.8427

Scott Stephens
COO & Senior Principal
sstephens@hrec.com
813.635.0600

Ashley Hunt
Director of Marketing
ahunt@hrec.com
303.267.0057

Coming Up In The May Online Hotel Business Review




Feature Focus
Eco-Friendly Practices: The Value of Sustainability
The hotel industry continues to make remarkable progress in implementing sustainability policies and procedures in their properties throughout the world. As a result, they continue to reap the benefits of increased profitability, enhanced guest experiences, and improved community relations. In addition, as industry standards are codified and adopted worldwide, hotels can now compare how their operations measure up against their competitors in terms of sustainable practices and accomplishments. This capacity to publicly compare and contrast is spurring competition and driving innovation as hotels do not wish to be left behind in this area. Water management and conservation is still a primary issue as population growth, urbanization, pollution and wasteful consumption patterns place increasing demands on freshwater supply. Water recycling; installing low-flow fixtures; using digital sensors to control water usage; and even harvesting rainwater are just a few things that some hotels are doing to preserve this precious resource. Waste management is another major concern. Through policies of reduce, reuse and recycle, some hotels are implementing “zero-waste” programs with the goal of substantially reducing their landfill waste which produces carbon dioxide and methane gases. Other hotels have established comprehensive training programs that reinforce the value of sustainability. There is employee engagement through posters and quizzes, and even contests are held to increase innovation, sensitivity and environmental awareness. Some hotels are also monitoring a guest’s energy usage and rewarding those who consumed less energy with gifts and incentives. The May issue of the Hotel Business Review will document how some hotels are integrating eco-friendly practices into their operations and how they and the environment are benefiting from them.