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4/11/17
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A local private investor has purchased Stargazer Inn & Suites, a 52-room boutique hotel in Monterey, for $8.4 mil, or $161.5k/room. It was sold by Monterey Signature Hotels.
Located at 1046 Munras Ave, the Stargazer Inn & Suites features an indoor pool and spa, breakfast room and ample parking. Many guest rooms offer fireplaces and partial ocean views.
Avison Young’s Eric Gunderson represented the seller in the deal. According to Gunderson, while there is a boom in hotel development nationally, that’s not the case in the Monterey area, where a moratorium on new hotel construction is in effect, making this asset even more attractive in terms of long-term valuation.
Additionally, the Monterey Conference Center, which is near the hotel and has a capacity of 3,200 people, is anticipated for completion this summer. The conference center is expected to generate even stronger room rates and occupancy for the property.
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