MARIN COUNTY, CA-“Excited” was the word Ultima Hospitality COO Mark Zettl used to describe the company’s mood regarding the purchase and planned enhancement of the Larkspur Mill Valley Hotel. The property in question is to be completed in December 2012 and will be rebranded as a Holiday Inn Express, according to the company. The hotel has experienced a name change (now currently called the Tam Woods Hotel) and a $4-million renovation.

This acquisition also marks Ultima’s status as a bi-coastal company, Zettl says, as they now own hotel properties in San Francisco and Boston. The COO explains that Ultima is looking for more opportunities, particularly in the country’s top 25 central business districts as well as some suburban areas. This most recent acquisition, the soon-to-be Holiday Inn Express, was purchased in partnership with Argosy Real Estate. The purchase price wasa not revealed.

Additionally, Ultima is taking full advantage of current rebranding and distressed opportunities. “It’s difficult to get a ground-up development, currently,” he says. “The lending environment isn’t there--there’s too much risk--but you can buy things off replacement cost for far less. There’ a lot less risk.”