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5/02/08
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Hotel investors might want to check out this latest offering -- four California hotel properties, totalling 532 keys -- including the Hilton Garden Inn Monterey (pictured), the Courtyard by Marriott Thousand Oaks, the TownePlace Suites by Marriott Thousand Oaks and the Hampton Inn and Suites Camarillo. The properties are being sold by Ocean Park Hotels are listed through Jones Lang LaSalle Hotels.
The properties, located in three well-established California hotel markets, are all fee-simple, being offered unencumbered by management, and affiliated with either the Marriott or Hilton family of brands. An asking price was not given out.
“In addition to the phenomenal location and brand affiliations, the three newly built Southern California properties and the significantly renovated Monterey property offer buyers the ability to invest in superior physical assets,” said Jason Jones, a Senior Vice President for Jones Lang LaSalle Hotels. “Additionally, all have strong cash flows with tremendous upside potential.”
“The properties will be marketed as three packages and bids will be taken on that basis by early June,” said John Strauss, an Eexecutive Vice President for Jones Lang LaSalle Hotels. “The barriers to entry for new supply along the central coast of California are among the highest in the country. That, coupled with strong and consistent demand patterns, will make this one of the most sought after hotel opportunities in California in 2008.”
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