VALENCIA, CA—San Diego-based investor Trigild has completed the $21 million receivership sale of two hotel properties in Valencia. The two hotels are a 118-room Holiday Inn Express and a 120-room Best Western.
Trigild was appointed the receiver for a five-property hotel portfolio owned by a family trust. Trigild had to obtain court approval to sell the properties against the will of the beneficiary trust, according to Trigild CEO Bill Hoffman. The court gave approval for Trigild to move forward on the sale of the two properties and to sell the remaining three properties in the portfolio, which are all Marriott properties located in San Luis Obispo, CA, and Thousand Oaks, CA. The remaining three properties are already under contract.
Trigild made revenue gains during the sponsorship, and, as a result, was able to sell the property quickly. The Holiday Inn Express had a revenue gain of 10% and a net operating gain of 8%, while the Best Western had a significant revenue gain of 17% and a net operating gain of 39%.
The hotel industry in Los Angeles is experiencing a bit of a boom with several new hotel properties in the pipeline throughout the city. Among the new hotel developments to come online is the new $172 million Marriott that recently opened in Downtown Los Angeles. The dual-branded hotel has Courtyard Marriott rooms and Residence Inn rooms, and is the first of its kind on the West Coast.