Gemstone Hotels & Resorts announced on Wednesday that it bought the 144-room Hotel Durant, located in Berkeley, California, from the Royal Bank of Scotland.
Public records show the transaction amount was US$27.25 million. The lifestyle hotel is located adjacent to the University of California, Berkeley campus.
Gemstone took over management of the hotel from Joie de Vivre Hospitality, San Francisco, upon the closing of the sale, and is planning to renovate the hotel and update mechanicals. No rebranding is planned.
Gemstone Hotels & Resorts, Park City, Utah, said the deal was signed and closed in 30 days.
“When this hotel became available, we knew it was perfect for Gemstone,” said Thomas Prins, Gemstone principal. “We aggressively are pursuing other equity-based deals and are positioned to act quickly in the future when we can acquire and add immediate value.”
The hotel’s restaurant, Henry’s, serves breakfast, lunch and dinner and features craft-brewed beer, locally-sourced gastropub fare and an assortment of California wines.