Cambridge Landmark has acquired Sacramento, California-based The Citizen Hotel, a 196-room boutique hotel. The seller is Platinum Equity. No financial terms were disclosed.
MIAMI, July 29, 2019 /PRNewswire/ — Cambridge Landmark, a hotel-focused private equity company, recently announced that it has closed on the acquisition of The Citizen Hotel, a renowned 196-room boutique hotel located in Sacramento, CA. The hotel has been part of the Marriott Autograph Collection since 2015, and will retain that designation under its new ownership.
“This acquisition demonstrates Cambridge Landmark’s focus on ownership-driven hotel investment with assets in prime U.S. domestic markets,” said Pedro Miranda, co-managing partner. “This historic property in downtown Sacramento continues the growth of our portfolio,” added Joao Woiler, co-managing partner.
The Citizen Hotel is a 196 room boutique property with more than 9,000 square feet of function space. The exterior of the building is an early 1900’s classic design by architect George Selland. The interiors celebrate the history of California with unique decor that is whimsical with modern amenities. No two rooms are alike and all offer a different perspective of downtown Sacramento. The Citizen Hotel also features a farm to fork destination restaurant, Grange Restaurant & Bar, which has received national accolades and a Michelin Plate award.
Built in 1926 as one of Sacramento’s earliest high rises, this one-time insurance building was reborn as The Citizen Hotel. Distinguish and refined, The Citizen enjoys a prime location just a short walk to the California State Capitol, and there is even a lending library with politically themed films.
Cambridge Landmark purchased the property from Platinum Equity and the terms of the transaction were not disclosed.
About Cambridge Landmark
Cambridge Landmark is a private investment company focused primarily on control-oriented investments in cash flow generating hospitality businesses. The company seeks to acquire properties and portfolios with valuable underlying assets, strong cash flows in sub-markets with attractive fundamentals. Cambridge Landmark takes a proactive approach to investing and seeks situations where value can be created through operational improvements, asset repositioning and balance sheet restructuring.