Pacific Valley Investors president Wayne Levenfeld tells GlobeSt.com that his company and partners acquired both hotels in the 1990s from lenders. "[The sale] was an opportunity for partners [in the assets] who have gotten to a stage in their life where they'd rather cash out," he says, declining to reveal the sale price.
The Best Western Truckee Tahoe Inn is located minutes from Lake Tahoe and within 15 miles of several different ski areas. The Holiday Inn Express Mill Valley-Sausalito is located in Marin County, just 10 minutes north of San Francisco. The hotel's neighbor is Frantoio Ristorante, the only restaurant in the US with an in-house state-of-the-art olive oil production facility.
Larkspur Hospitality owns and operates 23 hotels in California, Washington and Oregon, one quarter of which have been acquired in the past several months. Larkspur president Karl Hoagland did not return a phone call seeking comment.
In February, Larkspur acquired the 182-room Villa Florence Hotel and Kuleto's Italian Restaurant, located adjacent to San Francisco's Union Square. The company, which did not disclose the acquisition price, said at the time it was planning a $4-million renovation that would raise the hotel to a four-star level for 2008.
In January, Larkspur Hospitality paid $20 million for Monticello Inn, a 91-room boutique property in an historic building located at 127 Ellis St., also near Union Square. In October, it acquired a third property near Union Square, the 114-room Cartwright Hotel on Sutter Street, one half block west of Powell Street. One local source pegged the sale price at around $15 million.
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