September 2011 - The Anchorage Inn Motel, Lakeport, CA
The Anchorage Inn was a Lender-Owned property in the resort town of Lakeport, Ca. We assisted the bank in taking over the property following the trustee sale, found a contractor to secure the site with a security fence and also found a local agent to work as caretaker of the site. We found a Buyer and had a very quick close that was satisfactory for both the Bank and the new owner.
May 2011 - The Historic Holbrooke Hotel, Grass Valley, CA
We were contacted by one of the Lenders on this property and asked to work with the Owners on listing it for sale. We worked with the Sellers and both Lenders and negotiated multiple contracts with multiple Buyers until we got everything worked out and settled. This one was a difficult sale to say the least, but this is a very good example of the fact that we never give up on a deal and we will go to great lengths to find a solution that works out for all parties involved in the transaction.
February 2011 - Northern California Hotel Lease
We were asked to assist one of our best clients in getting their full-service property listed and sold. We were unable to negotiate a sale for various reasons, so we worked out a long term lease contract for the Owner which allowed them to concentrate on operating their other investments and also enabled one of our clients from our list of Buyers to get into a very lucrative deal that will allow them to purchase the property in a few years when the timing is right.
January 2011 - The Quality Inn, Oakdale, CA
The Quality Inn Oakdale is a 70 unit full-service hotel which was previously a Ramada Inn franchise. The property last sold in 2007 and by 2010 it could not meet the debt service due to the decline in the lodging market. The owner also had other investments that would not cash-flow, so he wasn't able to sustain this property. We had a Buyer who was interested in the property and negotiated with the owner and the bank to work out a deal. Unfortunately with many roadblocks popping up almost daily, the Lender holding the First Deed of Trust went ahead with the Trustee sale. We attended the sale and had an offer in hand to present to the bank that afternoon. We closed escrow the following week and assisted the Buyer and the Bank in the transfer of ownership and also negotiated with the City of Oakdale on a Tax lein issue. The new owner has an excellent plan for re-flagging this property and moving into a market segment which is not currently available in the Oakdale market.
November 2010 - The Concord Inn and Suites, Concord, CA
The Concord Inn and Suites is a 42 unit interior corridor hotel which was previously a Comfort Inn franchise. The property lost it's Choice flag and experienced a drastic decline in revenue since it last sold in 2007. We listed the property and found a Buyer to purchase the property with the plan of converting it to a budget extended stay property under the "Studio 6" brand from Accor. We negotiated with the lenders to reduce the principal by approximately one Million dollars and were able to complete the sale prior to foreclosure. This saved the Seller from more damage to his credit and the Buyer was able to purchase the property for around 60% of the previous selling price.
September 2010 - The 5 Seasons Resort, Guerneville, CA
This resort property in Guerneville Ca was a bank owned REO that had been recently closed down and the previous owner had left a substantial tax liability on the property. We obtained a listing from the Bank and within 5 days we presented them with a full price offer to purchase and closed escrow within 3 weeks. The new owners are refurbishing the rooms and getting prepared for the coming season where they expect to build the business up to previous levels and beyond.
August 2010 - Berkeley Rodeway Inn, Berkeley, CA:
42 Unit Franchise on University Ave in Berkeley California. This property was previously a run-down independent motel with very low occupancy and excessive deferred maintenance. We negotiated the sale in 2006 to a group of investors who completely refurbished the property and converted it to the Rodeway Inn flag and increased the revenue by four times the previous level. We then found an experienced investor who wanted a property in the Bay Area and negotiated a sale for the property and obtained a new SBA 504 for the Buyer.
June 2010 - Gold Beach Motel 6 - Gold Beach, Oregon:
50 Unit Franchise on the Oregon coast at the Rogue River. The Gold Beach Motel 6 was purchased by a very nice couple from the San Francisco Bay Area with no prior hotel experience. We were able to assist them in obtaining a new SBA 504 loan with a very low down payment and excellent terms. We also assisted in negotiating a reduced PIP (property improvement plan) from Motel 6, which gave them more time to complete some upgrades to the property. The property produces a strong income, so with the reduced expenses of an owner operator onsite, the capitalization rate on this sale is over 12%.