NAI BT Commercial Retained to Sell Rocklin Park Hotel
ROCKLIN, CA - October 22, 2009 - Scott Griemsmann, a Vice President with NAI BT Commercial's Hospitality Group and based in the firm's San Francisco office, is pleased to have been retained by property owner LNR Partners, Inc. as the exclusive agent to offer for sale the Rocklin Park Hotel in Rocklin, CA. Located at 5450 China Garden Road, the Rocklin Park Hotel is a full service lodging facility containing 67-guestrooms that offers excellent visibility and proximity to the thriving commercial, leisure, and residential submarkets of south Placer County and north Sacramento County. The property is being sold in an open bid format, with no minimum stated price (Investors are encouraged to evaluate all due diligence material offered by NAI BT and submit offers). The hotel is being offered on an as-is/where-is basis and will be sold on an all-cash basis at closing.
Rocklin Park Hotel opened in November 1996 with 33 rooms, and was expanded by 34 rooms in 1998. The two-story, two-building hotel is situated on 9 acres of landscaped grounds and offers over 4,000 square feet of meeting and function space, the largest available space in the competitive market; a full service restaurant facility, which is currently vacant; an outdoor pool, which separates the hotel's two buildings; a fitness center; and Spa LaLe, the hotel's newly renovated on-site spa center.
The hotel is strategically located on China Garden Road, just east and parallel of I-80, with good freeway visibility to northbound and southbound traffic. (Interstate 80 is a major thoroughfare of Northern California; providing the hotel direct access to Lake Tahoe to the north, and Sacramento, San Francisco, San Jose, and Southern California to the south.)
The dynamics of Rocklin and Roseville provides the hotel with the opportunity to draw from a fairly diverse pool of customers. By far, corporate business generates the hotel's highest level of demand due to its advantageous position of being located within minutes from downtown Rocklin and Roseville. Roseville is the closest major city/town to the hotel, approximately 5.5 miles southwest, while downtown Sacramento is located approximately 22 miles southwest of the hotel. Less than two miles away sits the region's most prominent destination, Westfield Galleria Mall.
Rocklin Park Hotel is currently being managed by RIM Hospitality. The hotel occupancy had reached as high as 70% in 2006 during the peak of the last economic cycle, but fell to below 40% in 2008 during the economic downturn.
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