Search
 

$40M Buys 163-Room Beachfront Hotel

SANTA CRUZ, CA- Ensemble Hotel Partners and AEW Capital Management LP purchase the property from Vancouver, WA-based Northwest Hospitality Group, which retains the management contract.

By Brian K. Miller | Updated on August 29, 2006

SANTA CRUZ, CA-Northwest Hospitality Group of Vancouver, WA, has sold the 163-room Coast Santa Cruz Hotel to Ensemble Hotel Partners and AEW Capital Management L.P. for $40 million. The hotel sits on Monterey Bay and offers immediate access to the historic Santa Cruz beach boardwalk and Santa Cruz wharf. As part of the deal, Northwest Hospitality retains the management assignment for the beachfront property.

Ensemble, a value-add investor based in Long Beach, CA, is working on a renovation plan that will include refurbishment of the guest rooms, improvements to the pool deck and a new conference center for corporate training and meetings. Ensemble also owns the Coast Hotel in Long Beach and previously owned the Hilton Long Beach and the Long Beach World Trade Center.

“While the Coast Santa Cruz Hotel has been a landmark for the past 40 years, with loyal guests who return year after year, we see opportunities to enhance the amenities and attract the regional business conference market, especially during the winter months,” says Ensemble SVP Ed Proenza.

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

*May exclude premium content
Already have an account?

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.

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 © 2024 ALM Global, LLC. All Rights Reserved.