SAN DIEGO, Calif. (March 6, 2014) – Acting as receiver, Trigild – a San Diego-based real estate firm specializing in property/asset management and fiduciary services – has announced that a portfolio of five franchised hotels in Valencia, Thousand Oaks and San Luis Obispo, Calif. is now for sale, and has tapped Irvine-based Atlas Hospitality Group to market and broker the properties. The portfolio has an estimated value of $100 million. According to Trigild chief financial officer Josh Hall, his firm is working closely with Atlas to review all prospects, with offers being accepted for individual properties, for various sub portfolios of two or more hotels or for the entire portfolio. Hall said that Trigild was appointed receiver of the five hotels – including three Marriotts, a Best Western and a Holiday Inn Express – by the Superior Court of California, County of Monterey in January of 2014. The court provided for Trigild to take control of the properties and serve as the management company in charge of day-to-day operations.
“We are pleased to announce that these properties are now on the market and well positioned for sale,” said Trigild president Judy Hoffman. “Our operations team quickly focused on improving revenues, as well as the overall guest experience.”
Alan Reay, president of Atlas Hospitality Group, noted that the hotels represent attractive investments in prime central and southern California locations. “The California hotel market is improving dramatically with transactional activity building,” Reay said. Moreover, “each of these properties has significant brand recognition, and is strategically located near major commercial hubs with exceptional upside potential and value enhancement opportunities.” Each hotel primarily serves the corporate and extended stay markets. Select details include:
• The 139-room Courtyard Marriott, 1605 Calle Joaquin, San Luis Obispo, Calif. Amenities include heated outdoor pool, spa, lounge, fitness center, meeting space and more.
• The 93-room TownePlace Suites by Marriott, 1712 Newbury Rd., Thousand Oaks, Calif. Amenities include outdoor pool and spa, laundry facilities, fitness center and BBQ area. • The 120-room Courtyard Marriott, 1710 Newbury Rd., Thousand Oaks, Calif., with amenities such as lounge, outdoor pool and spa and meeting facilities.
• The 120-room Best Western Valencia, 27413 Wayne Mills Place, Valencia, Calif., with amenities such as heated outdoor pool, spa, fitness center and more.
• The 118-room Holiday Inn Express Valencia, 27513 Championship Way, Valencia, Calif. Amenities include heated outdoor pool, spa, fitness center, laundry and more.
For more information, please contact Reay at (949) 622-3400, ext. 409 or firstname.lastname@example.org.
Headquartered in San Diego with offices throughout the country, Trigild has nearly 40 years of property management and fiduciary expertise, with a focus on managing and maximizing value for assets in an array of industries, including hospitality, commercial real estate, multifamily and more. Since its inception, Trigild has developed a full service national operating platform providing institutional quality services to private real estate investors and financial institutions. For information, visit www.trigild.com or www.trigildhospitality.com.
About Atlas Hospitality Group
Headquartered in Irvine, California, Atlas Hospitality Group (Atlas) was founded by Alan X. Reay in 1997. Since its inception, Atlas has been the market leader in California hotel sales. With unrivaled market knowledge and experience, Atlas’s multinational brokers provide top-notch service that adds value to and ensures the successful completion of hospitality transactions. For additional information, please visit www.atlashospitality.com.