DENVER-A team consisting of Mike Armstrong, principal in San Diego, and Tom Sommer, vice president in the Chicago office, of HREC Investment Advisors negotiated the sale of Lake Tahoe, California’s, Best Western Hotel. The company issued a recent release outlining details of the transaction, of which the buyer was Urbana Realty Advisors.
The seller, who was unnamed, was also the hotel property’s original developer. According to Armstrong, who was quoted in the release, the California hotel market remains hot. “Because of the strength of the market, California hotels continue to attract a wide range of investors from across the country,” he said.
Sommer felt the deal was advantageous for both sides, describing it as a “win-win.” He described the transaction price as “was well below replacement cost” – also citing it as a reason for the positive development, according to the same statement.
This 262-bed hotel property is located on seven acres of land on the southern shore of Lake Tahoe.
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