X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LOS ANGELES-The Best Western Inn of Ventura has been acquired for $4.8 million by a Los Angeles-based private investor. The price reflects a cost of $63,800 per unit, as the motel has 75 rooms. The buyer will continue to operate the property as a Best Western.

The offer was made, negotiated, countered and closed in a little more than 60 days, says Irwin Woldman, a Grubb & Ellis broker who worked on the deal. The transaction included new financing, Woldman adds.

The property, which is located at 708 Thompson Blvd, was sold by New Mexico-based Royal Motels Inc. “Royal bought the property five years ago, built it up and sold it quite profitably as an absentee owner,” Woldman tells GlobeSt.com.

Woldman, who works out of Grubb & Ellis’ North Los Angeles office, represented Royal. The undisclosed buyer was represented by Rahnee Im of ERA New Star Realty.

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

Once you are an ALM digital member, you’ll receive:

  • 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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.