IRVINE, CA—Locally based Atlas Hospitality Group has been chosen by San Diego-based real estate firm Trigild to market and broker a portfolio of five franchised hotels in Valencia, Thousand Oaks and San Luis Obispo, CA. The portfolio, which has an estimated value of $100 million, includes three Marriotts, a Best Western and a Holiday Inn Express. GlobeSt.com was unable to determine before deadline any information about the original owner or owners of the portfolio.
The hotels, which primarily serve the corporate and extended-stay markets, include:
- Courtyard Marriott, 1605 Calle Joaquin, San Luis Obispo. The 139-room hotel includes heated outdoor pool, spa, lounge, fitness center, meeting space and more.
- TownePlace Suites by Marriott, 1712 Newbury Rd., Thousand Oaks. Amenities in the 93-room hotel include outdoor pool and spa, laundry facilities, fitness center and BBQ area.
- Courtyard Marriott, 1710 Newbury Rd., Thousand Oaks. The 120-room hotel includes a lounge, outdoor pool and spa and meeting facilities.
- Best Western Valencia, 27413 Wayne Mills Pl., Valencia. Amenities in the 120-room hotel include heated outdoor pool, spa, fitness center and more.
- Holiday Inn Express Valencia, 27513 Championship Way, Valencia. The 118-room hotel includes headed outdoor pool, spa, fitness center, laundry and more.
Trigild’s CFO Josh Hall says his firm is working closely with Atlas to review all prospects, with offers being accepted for individual properties, for various sub-portfolios of two or more hotels or for the entire portfolio. Hall adds that Trigild was appointed receiver of the five hotels by the Superior Court of California, County of Monterey in January, which provided for Trigild to take control of the properties and to serve as the management company in charge of day-to-day operations.
“These properties are well positioned for sale,” says Judy Hoffman, Trigild’s president. “Our operations team quickly focused on improving revenues, as well as the overall guest experience.”
Alan Reay, president of Atlas Hospitality Group, says the hotels represent attractive investments in prime Central and Southern California locations. “The California hotel market is improving dramatically, with transactional activity building. Each of these properties has significant brand recognition and is strategically located near major commercial hubs with exceptional upside potential and value enhancement opportunities.”
As GlobeSt.com reported last week, West Coast hotels are in high demand lately. Inland American Lodging Group, Inc., through a subsidiary, has acquired the 645-room Aston Waikiki Beach Hotel in Honolulu, for a purchase price of approximately $183 million. Also, the Ritz-Carlton, Kapalua Resort was recently sold to a partnership between Michael Rosenfeld’s Woodridge Capital Partners LLC and Colony Capital LLC and its affiliates including Colony Financial; as GlobeSt.com previously reported, the hotel had been on the market since May. And, Wichita, KS-based Value Place, the largest economy extended-stay hotel brand in the US, is planning to build 12 new hotels in Southern California. The firm is actively pursuing potential building sites, working with San Diego-based KZ DevCo and actively targeting markets that include Los Angeles, San Diego, Long Beach, Orange County, Riverside and Ventura.