IRVINE, CA-Locally based Atlas Hospitality Group has landed anassignment to market the 299-room Marriott Ontario Airport Hotel inOntario, CA, the second assignment the Irvine-based firm has landedrecently to market distressed hotel assets. The Marriott is one ofthree hotels owned by the San Clemente-based Sunstone HotelInvestors REIT that have been handed over to receivers recently,according to an SEC filing by Sunstone.

Atlas president Alan X. Reay tells GlobeSt.com that the MarriottOntariio, which was opened in 1986, has been renovated with $7.3million in capital expenditures since 2003 and represents "anopportunity to acquire one of the few full-service hotels in theOntario market," one that has consistently been a top performer inboth average daily rate and occupancy. The hotel is adjacent to theOntario Convention Center and just north of Ontario InternationalAirport.

The other recent Atlas assignment to market distressed hotelassets is a portfolio of nine sub-performingloans secured by six hotels in California and three in otherstates totaling 806 rooms with a total portfolio loan balance ofnearly $23.8 million. When Atlas won the assignment recently, Reaytold GlobeSt.com that it marked one of the first indications thatlenders are beginning to take action on some of the loans that havebeen languishing on their balance sheets for some time.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.