Marcus & Millichap brokers Gordon Allred, Teina Tahauri andSteve Hsu of the firm's Ontario office, who brokered the sale, saythe deal closed at a 9% cap rate. The buyer, Palmdale Resort LLC,acquired the inn for $77,703 per unit and $160 per sf. The HolidayInn Palmdale is located at 3860 5th St. It was constructed in 1988and was fully renovated in 2000.

The sale includes approximately three acres adjacent to aproposed Palmdale Convention Center. Property amenities include afull-service restaurant, lounge, meeting rooms, exercise room andoutdoor pool. The proposed convention center is part of an economicdevelopment push by Palmdale officials, who have promoted thebuilding of new retail, industrial and other commercial propertiesin the city in recent years.

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