SAN DIEGO – In its role as receiver, San Diego-based Trigild, Inc. recently facilitated the sale of the full-service Inn at Morro Bay in San Luis Obispo, Calif. The boutique-style hotel was originally built in 1960 and is situated on prime bayside property.
According to Trigild’s vice president of hotel operations, Kevin Berry, his firm was appointed manager and receiver of the hotel in April, 2010 after it fell into default. Berry and his team took over the property immediately following the appointment and tackled a slew of challenges: the property was in dire need of repairs due to deferred maintenance, suffered from poor guest reviews and faced a host of thorny legal issues.
Adapting a task-force approach, Trigild was able to resolve many issues in short order. “We quickly tapped new management, instituted more effective sales and marketing strategies, and carefully positioned the property for a quick and profitable sale,” Berry said.
Specifically, he explained, Trigild put in one of its seasoned turnaround managers, retrained key personnel, addressed deferred maintenance and repairs, and ensured efficient operations. Under Trigild’s direction and over its year of management, the property’s GOP and net income doubled — a direct result of driving REVPAR by utilizing and effective revenue management program and careful labor and cost controls. “Additionally,” says Berry, “new policies and procedures have been put in place, dramatically improving staff productivity and morale.”
Ideally located halfway between San Francisco and Los Angeles, The Inn at Morro Bay is a 98-room hotel situated on 4,000 acres just inside Morro Bay State Park. The property also features the Orchid restaurant, expansive meeting facilities and a swimming pool.
Trigild worked closely with broker Alan Reay of Atlas Hospitality Group to facilitate the sale. The hotel was acquired by California Pacifica Host Hotels.
Headquartered in San Diego, with regional offices throughout the country, Trigild has more than 30 years of expertise in managing a wide array of commercial real estate assets and operating businesses, focusing on turnaround management and repositioning of troubled properties. Trigild is located at 12707 High Bluff Drive, Suite 300, San Diego, 92130. For further information, visit www.trigild.com.