Alan X. Reay, president of Atlas, tells GlobeSt.com that the new owner, who owns other Best Western hotels in the area, plans to continue operating the hotel under the Best Western InnSuites flag. Reay's firm, which represented both the buyer and the seller, also brokered the previous sale of the property, which the InnSuites REIT and its predecessor's entities have owned for about 10 years. Phoenix-based InnSuites says it sold the property as part of a strategy of "selling weaker assets and investing in the stronger performing properties" in its portfolio.
According to Reay, the hotel did not perform as well as the REIT had hoped because of the impact of the Sept. 11 terrorist attacks, which significantly reduced tourism business in and around Anaheim and Buena Park.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
