News for the Hospitality Executive
(Denver, Colorado; Los Angeles, California) - August 10, 2012 - HREC Investment Advisors is pleased to announce it arranged the sale of the 166-guestroom Courtyard by Marriott in Oxnard, California as the exclusive representative for Special Servicer LNR Partner. The Hotel was sold unencumbered by management for $11,385,000.
The sale was negotiated by Michael Blahosky, Senior Vice President in HREC's Los Angeles office and Bill Murney, Senior Vice President in HREC's Phoenix office.
The Courtyard by Marriott is located adjacent to US 101, with excellent visibility from the interstate. Situated in the TOPA Financial Plaza, which is a 26-acre mixed-use complex that houses over 500,000 SF of total commercial space.
"The buyer sees tremendous upside through the extensive planned renovation for the Courtyard by Marriott, which includes the new Marriott Courtyard lobby and bistro concept as well as extensive upgrades in the rooms that are already underway," commented Blahosky.
About HREC: HREC is the nation's leading lodging and gaming real estate advisory firm specializing in property sales, mortgage brokerage, equity/JV structuring, consulting (market studies and appraisals), and litigation support. With offices throughout North America, HREC is distinguished by unwavering commitment to client service through its team approach, intellectual capital and hotel/casino specialization. For more information, visit www.hrec.com.
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303-267-0057 ext. 100
HREC-Hospitality Real Estate Counselors
6400 S. Fiddler’s Green Circle
Greenwood Village, CO 80111
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