TACOMA, WA—Crystal Investment Property, a member of Hotel Brokers International, has completed the sale of the King Oscar Motel and Conference Center in Tacoma. Crystal Investment Property, LLC, a licensed Washington State broker, exclusively represented the seller, in the sale. Joseph Kennedy, President of CIP, worked closely with the Seller, Hokold Development, to negotiate a mutually acceptable sale. The final sale price was not discolsed

The Tacoma property closing marks the final sale of the five-property, 713 room portfolio of the regional chain of King Oscar hotels sold by Crystal Investment. Placed on the market in August of 2012, the $23 million portfolio attracted strong buyer interest and saw multiple competitive offers with several of the properties being sold with 2 and 3 back-up offers in place waiting for the opportunity to purchase. With one exception, all properties have been branded by the new owners and all continue to enjoy strong market presence due to their exceptional locations and highway visibility.

The 221-key, King Oscar Motel with adjacent 15,000 square foot conference center was built in two distinct sections in 1992 and 2000. Located at 8820 SW Hosmer Street, the hotel is sited on over five fee-simple acres abutting the I-5 freeway just south of Metro Seattle with bold and highly visible signage. The new owner, an experienced hotelier who also purchased the King Oscar Motel in Lacey, WA, will be separating the interior and exterior corridor portions of the property by putting two complimentary brands on the property.

“The King Oscar in Tacoma was the most challenging of the 5 property portfolio of hotels sold by CIP over the past year,” said CIP's Kennedy. “Because it was constructed in two sections with two very different configurations, it was not suitable for a single brand. We worked closely with the Seller and their attorney to partition the lot which would enable us to sell the property in two portions. Just when we had that completed, one of the buyers who closed on the King Oscar property near the State Capital in Olympia decided he was having so much success with that property that he wanted the Tacoma one as well. We worked with the buyer to identify two brands that would work well together in that location and secured the necessary approvals and resources for the rebranding.”