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US: Gemstone Hotels & Resorts has acquired the 144-room Hotel Durant in Berkeley, California.
The boutique property, which is adjacent to the University of California Berkeley campus, was put on the market through HVS Capital in September.
Gemstone principal Thomas Prins said: “Hotel Durant is an outstanding addition to Gemstone’s growing collection of ‘one-of-a-kind’ hotels in top destination markets with high barriers to new entry. A boutique hotel set amidst a vibrant university campus meshes perfectly with the rest of our portfolio and allows us to meet the needs of our guests for an intimate, luxury experience in the greater San Francisco area.”
“When this hotel became available, we knew it was perfect for Gemstone. We aggressively are pursing other equity-based deals and are positioned to act quickly in the future when we can acquire and add immediate value. For 2013, we are optimistic that our active pipeline will yield some exciting hotels in excellent locations,” he added.
Gemstone is a full-service hotel management company that specializes in owning and operating luxury and upscale urban hotels and resorts. Its boutique hotel portfolio includes Maison 140 in Beverly Hills, the Mosaic in Los Angeles, the Copley Square Hotel in Boston and The Carlton in New York.
www.hoteldurantberkeley.com
www.gemstoneresorts.com
