CBRE Arranges $32.8 Million Refinancing for Hilton Garden Inn Cupertino

CBRE arranged a $32.8 million refinancing for the Hilton Garden Inn Cupertino, a 164-room hotel located at 10741 N. Wolfe Road in Cupertino, Calif.

Mike Walker, Executive Vice President; Brad Zampa, Executive Vice President; and Andy Gross, Vice President; and Pierson Souza, Vice President of CBRE's Debt & Structured Finance team arranged the financing on behalf of ownership, a partnership between Heil & Associates and Terracommercial.

"The successful refinancing reflects continued lender interest in high-quality hospitality assets located in premier technology-driven markets," said Walker. "The property's strong operating history, experienced ownership group and exceptional location adjacent to one of the nation's most significant concentrations of technology employment made it an attractive financing opportunity."

Located directly adjacent to Apple Park, the property benefits from its position within one of the country's most concentrated technology employment hubs. The hotel operates under a long-term Hilton Garden Inn franchise agreement and is fully integrated with the Hilton Honors loyalty program.

Built in 1998, the five-story hotel comprises 164 guest rooms totaling approximately 100,110 sq. ft. on a 2.71-acre site. Amenities include the Pavilion Café serving breakfast and dinner, a 24-hour Pavilion Pantry market, outdoor pool and spa, fitness center, guest laundry facilities, 1,650 sq. ft. of flexible meeting space, complimentary parking and weekday shuttle service within a three-mile radius.

Heil & Associates and Terracommercial have owned and operated the Hilton Garden Inn Cupertino since acquiring the property in 2007. Together, the partners bring a longstanding track record of hospitality ownership, investment and asset management across multiple real estate cycles.

According to CBRE Research, the San Francisco Bay Area is expected to benefit from growth in business travel and convention-related demand, supporting lodging fundamentals across the region.