The hotel was recently acquired by San Diego-based Pinnacle Hotels USA. SHM had managed the hotel the past nine years for prior ownership.
Sunstone Hospitality Management (SHM), a division of Interstate Hotels & Resorts (OTC:IHRI) (BULLETIN BOARD: IHRI), announced that is has entered into a contract to manage the 292-room, full-service Marriott Hotel in downtown Riverside, California. The hotel was recently acquired by San Diego-based Pinnacle Hotels USA. SHM had managed the hotel the past nine years for prior ownership.
“We look forward to developing a long-term relationship with Pinnacle Hotels,” said John Elston, SHM’s executive vice president. “The property is in excellent condition, ranks very high in guest satisfaction ratings and is well positioned within the market. We are confident that we are capable of delivering the results for Pinnacle Hotels that other owners have come to expect of SHM.”
“The condition of this asset, its superb Southern California location and the affiliation with a top-tier brand were compelling reasons to pursue this excellent opportunity,” said Dr. Barry Lall, CEO of Pinnacle Hotels USA. “We’ve acquired the property at attractive pricing during the downturn of this economic cycle, which makes this an excellent investment during these opportune times. SHM brings continuity and a proven track record of strong management,” added Dr. Lall.
Located at 3400 Market Street in downtown Riverside, the hotel is adjacent to the Riverside Convention Center, which provides more than 70,000 square feet of meeting space. The hotel is within steps of the historic city center’s upscale shops and entertainment.
The 12-story property boasts the award-winning Olio Ristorante, Martini’s Lounge, Starbucks Coffee, wired and wireless Internet access, and 14,000 square feet of meeting space, ideal for stand-alone meetings and social events up to 500 people.