The seller was Continental Renaissance Partners, a partnership controlled by locally based Dern Greinetz Inc. Buchanan Street Partners, a Newport Beach-based investment bank that also manages assets for institutions and brokers sales, was handed the disposition assignment in June. Larkspur assumed the existing loan on the asset as part of the transaction.

When the property first came to market, Buchanan Street SVP Curtis Davies told GlobeSt.com the hotel could be upgraded to a higher class, converted to a condo-hotel development or converted to straight residential. The "condotel" play may be the most attractive because it would be the first in the city. The property gets around the moratorium on hotel-to-condo conversions by having fewer than 100 rooms.

Larkspur chairman Karl Hoagland could not immediately be reached Monday morning for comment. In a prepared statement, he said the company intends "to renovate and reposition the Monticello to a four star level."