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Feb. 20, 2013

Hotel Durant Acquired by Gemstone Hotels & Resorts in $27M Deal

By Alex Girda, Associate Editor

Berkeley’s Hotel Durant was the object of Gemstone Hotels & Resorts’ latest move on the hospitality market. The company, a full-service hotel management entity, acquired the property for a reported total of $27.3 million.

Gemstone is a hospitality company based in Park City, Utah that specializes in owning and operating urban upscale assets and chose the San Francisco Bay Area’s hospitality market for its current track record. The area has seen its hospitality figures increase in recent years, spurring a number of hotel deals.

The 144-key hotel is located at 2600 Durant Dr. in the immediate proximity of the University of California–Berkeley campus. The boutique hotel offers a great location within walking distance of Cal Bears Stadium and the Lawrence Hall of Science. The in-room amenities include high thread-count linens, hypo-allergenic pillows, ceiling fans, black-out shades, iPod docking stations, organic robes and laptop safes.

Additionally, graduate floor rooms benefit from a concierge-style service with daily complimentary breakfast servings and wine hour events. The on-site dining option is Harry’s, the hotel’s signature restaurant, with breakfast, lunch and dinner menus, craft-brewed beer, and California wines. The investment is seen by Thomas Prins, Gemstone principal, as “a great way to start the new year.”

“When this hotel became available, we knew it was perfect for Gemstone,” the official stated. The company was reportedly convinced by the fact that the Durant has its own niche market in Berkeley, making it a good addition to the company’s existing assets. Gemstone’s current portfolio also includes venues such as Maison 140 in Beverly Hills, the Mosaic in Los Angeles, the Copley Square Hotel in Boston and The Carlton in New York.

For more market data from the San Francisco Bay Area, click here.