NEWPORT BEACH, CA (January 1998): Hotel Partners International has confirmed the sale of the seven-year old 201-room Radisson Hotel in Visalia, California. The asset was sold by the City of Visalia to American Property Management Company for $13,850,000. Vice president Michael Armstrong of Hotel Partners' Newport Beach office represented the buyer.
The transaction closed following lengthy negotiations with the City of Visalia, involving mostly matters related to shared-use arrangements with the adjacent 100,000-square foot city-owned convention center.
The hotel and convention center were developed in 1990 the hotel at an estimated cost of $23 million. This sale marks Armstrong's sixth transaction with APMC in the last 30 months.
About Hotel Partners International Chicago-headquartered Hotel Partners International is the world's premier hotel investment advisory firm. Services provided to the hospitality investment community include individual hotel and portfolio acquisition and disposition, debt and equity financing and asset management. Hotel Partners has offices in Atlanta, Boston, Chicago, Dallas, Hong Kong, Honolulu, London, Los Angeles, Miami, New York, Singapore and Tokyo.