Real EstateAcquisitionsGemstone Hotels & Resorts Acquires Hotel Durant

Gemstone Hotels & Resorts Acquires Hotel Durant

BERKELEY, Calif.—Gemstone Hotels & Resorts, a full-service hotel management company, announced the acquisition of the Hotel Durant in Berkeley Calif. The 144-room boutique hotel is adjacent to the University of California Berkeley campus.

“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,” said Thomas Prins, Gemstone principal. “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.”

According to Prins, the deal was signed and closed in just 30 days.

“When this hotel became available, we knew it was perfect for Gemstone,” added Prins. “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.”
“The addition of Hotel Durant to our portfolio is a great way to start the new year,” said Jeff McIntyre, Gemstone principal. “The hotel occupies its own niche in a very unique market, and I am confident that we can successfully reposition it to more fully take advantage of its prime location near this prestigious college campus.”

Each of Hotel Durant’s rooms is appointed with Sealy pillow-top beds, 300-thread count cotton linens, and a choice of hypo-allergenic or down pillows and comforters, as well as black-out shades and ceiling fans. Laptop safes, iPod docking stations, and certified organic robes round out the amenities. Graduate floor rooms feature a concierge-style lounge serving a daily, complimentary breakfast and wine hour.

The hotel’s signature restaurant, Henry’s, serves breakfast, lunch and dinner and features craft-brewed beer, locally-sourced gastropub fare, and an assortment of California wines.