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11/23/15
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Huntington Hotel Group is planning to develop two hotels with a combined 225 rooms on a 5.7-acre site the company just purchased in the Conejo Valley for $6.5 mil. The site is located at 29508 Roadside Dr in Agoura, just west of the Kanan Rd exit off the 101 Fwy at the northwestern edge of Los Angeles County.
Huntington Hotel Group has not finalized its plans as yet, but we’re told the company is likely to build an extended stay and a transient hotel that would connect through a shared lobby.
Mike Tingus, John Battle, SIOR and Grant Fulkerson of Lee & Associates represented the buyer and the seller, Selleck Development Group, in the transaction. This is the second transaction Tingus and Fulkerson have executed for Selleck Development Group in recent weeks. The other deal being the firm’s purchase of a 55k sf, industrial property at 9240 Jordan Ave in Chatsworth from a private investment group.
“Huntington Hotel Group specializes in developing in markets with high barriers to entry,” said Battle, “and they liked the Conejo Valley for that reason. It is an unusually large parcel for the area, and the location offers freeway frontage as well as easy access to the 101 and to Malibu, so this property really checked all the boxes.”
Hotel occupancy rates and average daily rates have been rising significantly since the end of the recession, according to “Hospitality and Tourism in Los Angeles County,” a research report by the Los Angeles Economic Development Corporation (LAEDC) published in February, 2015. Hotel occupancy in L.A. County was 77.6 percent with daily rates averaging $168.25 in 2013, the most recent data compiled in the LAEDC report; and it was 75.2 percent with a daily rate averaging $110.94 in the San Fernando Valley.
Huntington Hotel Group has developed 13 hotels over the past 14 years, and operates a portfolio of 24 hotels totaling over 3,400 rooms in California, Florida, Kansas, Maryland, Texas and Virginia.
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