Oakland hotel is sold for one-fourth prior price as hotel market flops

OAKLAND — A downtown Oakland hotel has been bought at a price that suggests the high-profile property’s value has nosedived since the end of the COVID-19 pandemic.

Core Capital paid $10.6 million for Courtyard Oakland Downtown, a jaw-dropping 76% less than the $43.8 million that the seller, a Gaw Capital Partners affiliate, paid in 2016, according to documents filed on Oct. 2 with the Alameda County Recorder’s Office.

The purchase price also is well below the hotel’s estimated value of $44.6 million as of January, as calculated by the county. The 162-room Marriott-branded hotel in downtown Oakland was bought by an affiliate controlled by Core Property Capital, records show.

The five-story lodging property, located at 988 Broadway,…