Downtown Oakland hotel project will have two Marriott brands

OAKLAND — A big hotel project in downtown Oakland hotel
that’s being led by real estate veteran Lew Wolff will feature
two Marriott brands in a single hotel and capitalize on an
opportunity zone program designed to spur economic development.

“Oakland has always been in the path of growth, Oakland has
always been a terrific place,” Wolff said in an interview on
Wednesday, when asked why this hotel development in the East Bay
city’s downtown district is poised for success.

The economic cycle appears to be different — and far more
promising — for Oakland this time around, in Wolff’s view.

“For the first time in my long history, the path of growth is
really happening in Oakland,” Wolff said. “That has been proven
by a lot of development announcements and real projects.”

The high-rise hotel would contain a Marriott Residence Inn and
an AC Hotel, which both are Marriott brands, and would be 17
stories high and contain up to 286 hotel rooms, according to
Wolff.

“It’s going to be two Marriotts in one building,” Wolff
said.

The principal developer of the hotel is Beverly Hills-based
Hawkins Way Capital, a real estate firm led by managing partners
Ross Walker and Karan Suri and by advising partner Wolff.

The proposed hotel, located at 1431 Jefferson St., has received
all necessary Oakland city planning approvals, and was designed by
San Francisco-based Stanton Architecture, according to Wolff.

The project, Wolff said, is located in an opportunity zone, one
of numerous areas around the country where certain investments can
occur with tax advantages, including deferral, or even elimination,
of capital gains taxes, a benefit enabled by President Donald
Trump’s tax cut program of 2017. Downtown San Jose is another
major area that’s home to an opportunity zone.

“It was a very pleasant surprise to find out that the project
is in an opportunity zone,” Wolff said. “This could be one of
the first major projects to be constructed in an opportunity
zone.”

Wolff estimated that construction, which is being handled by the
Pleasanton office of general contractor Millie and Severson, could
begin within 60 days. The first endeavor would be demolition of the
existing site, currently occupied by a one-story retail building
and a surface parking lot.

“Oakland is certainly going to be one of the exciting areas to
develop,” Wolff said.

Source: FS – All – Real Estate News 1
Downtown Oakland hotel project will have two Marriott brands