The nation’s largest real estate investment services firm, Marcus & Millichap Real Estate Investment Services, has arranged the sale of two Victorville, Calif. hotels in separate transactions, according to Gregory A. LaBerge, national director of the firm’s National Hospitality Group (NHG).
The properties are the 77-room Comfort Suites Victorville and the 162-room Ambassador Hotel and Conference Center. The Comfort Suites sold for $4,900,000. The Ambassador Hotel and Conference Center sold for $5,000,000. Aseem Tandon, a NHG director based in Marcus & Millichap’s Ontario office, represented the principals in both transactions. Reza Ghaffari, first vice president investments, also in the firm’s Ontario office, provided representation in the marketing and sale of the Ambassador Hotel and Conference Center.
“These transactions are indicative of current investor fervor for hotel assets nationally, and particularly in California,” says Tandon. “Our marketing campaign for the Comfort Suites generated a full list price offer within two days and the buyer paid a 5.1 percent capitalization rate on current net operating income.” Located at 12281 Mariposa Road off Interstate 15, the Comfort Suites Victorville is a three-story interior corridor hotel. Popular attractions such as The Scandia Family Fun Center and the Mall of Victorville are less than one mile from the property. The six-story Ambassador Hotel and Conference Center is located close to the Victorville Municipal Golf Course, Victorville City Hall and The Mall of Victor Valley at 15494 Palmdale Road in Victorville.
