Pacifica in $44M Hotel SaleTuesday, September 22, 2015
Irvine-based Pacifica Hotels sold the Hilton Garden Inn Marina del Rey to Chatham Lodging Trust in West Palm Beach, Fla., for $44.5 million.
The price works out to about $332,000 per room for the 134-room property.
About half the purchase price—$22.6 million—came through the assumption of debt on the property, Chatham said.
Pacifica bought the hotel, then called the Marina International Hotel, for about $20.2 million in May 2006. It renovated the property and relaunched it under the Hilton name in June 2013.
It owns four other hotels in the Marina del Rey area—Marina del Rey Hotel, Jamaica Bay Inn, Inn at Marina del Rey and Inn at Venice Beach—each of which it has renovated.
“We will continue to strategically develop and reposition assets in premier destinations,” said Pacifica Hotels Chief Executive Matt Marquis in a statement.
“This sale is another example of the premium prices being achieved for well located, top branded hotels in the marketplace today,” said Alan Reay, president of Atlas Hospitality Group in Irvine.
Pacifica is owned by Invest West Financial Corp. in Santa Barbara. It owns and operates some 30 properties in California, Hawaii and Florida.