Bay Area hotel market improved in November

Hotel markets in the San Jose and Oakland areas enjoyed strong rebounds in November, a report released Monday by a hotel consulting group showed.

Average daily room rates rose 8.6 percent in the East Bay and by 8.3 percent in the South Bay-Peninsula region compared with the same month the year before. Room rates fell 1.6 percent in San Francisco, PKF Consulting reported.

Occupancy rates in the South Bay averaged 71.4 percent in November, up from 70.7 percent the year before. East Bay occupancy rates averaged 69.5 percent, up from 64.9 percent. San Francisco hotel occupancy rates averaged 78.2 percent, up from 78 percent the same month the year before.

Overall in Northern California, average room rates are up 2.4 percent and occupancy rates are averaging 69.4 percent.

S.J. shopping center sold for $31.6 million

Santa Teresa Village Shopping Center in South San Jose has been bought for $31.6 million.

The center totals 125,000 square feet and its tenants include Nob Hill Foods, Ace Hardware, Goodwill and Flames Coffee Shop.

The property is at the corner of Santa Teresa Boulevard and Bernal Road. Cassidy Turley and Kidder Mathews arranged the deal.

Retail Opportunity Investments, a publicly traded real estate investment firm, bought the center from Santa Teresa Village LLC.


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SunPower (SPWRA) shares plunge 6 percent

Shares of San Jose-based SunPower plunged Monday after the company disclosed it anticipates higher-than-expected restructuring charges and an analyst downgraded the solar company's shares.

SunPower fell 6 percent to $7.70 at the close in New York. The shares had gained 10 percent in the past year through Jan. 11. The downgrade came from Credit Agricole Securities.

The company said it expects to record a restructuring charge of $33 million to $40 million, higher than a previously estimated $10 million to $17 million.

The "majority" of the charge will be recorded in the fourth quarter, SunPower said in a regulatory filing.

-- Staff

Chevron El Segundo refinery suffers fire

San Ramon-based Chevron suffered a fire at its El Segundo refinery in Southern California.

Sources with knowledge of the incident reported that the fire Sunday damaged equipment associated with the plant's fluid catalytic cracker.

The El Segundo fuel factory is California's largest oil refinery and can process 279,000 barrels a day.

-- Bloomberg News