Brown Hotel Group Sells Bay Area Portfolio
WESTLAKE VILLAGE, CA, November 20, 2006. Brown Hotel Group, Westlake Village, California announced today that the Firm has closed on the sale of six independent hotel properties operating under the PACIFIC HOTELS name. The six properties totaling 450 rooms include the Arena and Valley Park Hotels in San Jose, The Crestview and Hotel Lodge in Mountain View, The Pacific Inn Redwood City and the Pacific Inn Sunnyvale.
Chuck Nester, President CHB, CHA of Brown Hotel Group exclusively represented the Seller and Chuck LaPorte, Senior Vice President, exclusively represented the Buyers in the transaction. Sold in a package deal, the Bay Area based Buyers completed five 1031 exchanges involving ten separate entities with four lenders handling the financing. The complicated transaction closed in phases over a 30 day period.
The San Jose/Peninsula hotel market is enjoying double digit increases in both occupancy and average daily rate in 2006 due largely to the rapidly improving high tech industry. "The superb locations, timing of the acquisitions and perfect fit with their 1031 exchange requirements, made the opportunity attractive for the Buyers", explained LaPorte.
PACIFIC HOTELS, a well known family owned and operated Hotel Company in the Bay Area prides itself on their upper end "Boutique" Hotels. "Our family at Brown Hotel Group is proud to have been chosen to represent another hotel family with quality assets. The Sellers portfolio and Buyers complicated multiple exchanges fit like a glove!" said Nester.
For complete exclusive listings of Hotels for sale, just click www.brownhotels.com or call (805) 496-9797.
A 58 year old California based hotel real estate brokerage firm, Brown Hotel Group represents buyers and sellers from small hotels to full service hotels, from listing, marketing and handling both asset sale and bulk sales escrows. Brown Hotel Group is a proud member of Hotel Brokers International (www.hbihotels.com) covering the globe. Brown Hotel Groups accolades and awards are too many to count through the years, Broker of the Year, Mountain Pacific Broker of the Year, Most Co-op Sales, Highest Volume Sales, represent individual accomplishments by its professional seasoned sales staff.
"Our market is a diverse one with a history of ever-changing values and returns. We at Brown Hotel Group are proud to have the highest acclaim for honesty and professionalism in the industry. A family tradition living on through our fourth generation", says proudly Chuck Nester President, CHB, CHA. Visit us at www.brownhotels.com.
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