HotelBrokerOne (HB1) is pleased to announce the sale of Best Western Plus Otay Valley
, located in Chula Vista, California. The three story, exterior corridor property offers proximity to Tijuana, Mexico and San Diego's downtown providing a perfect location for corporate and leisure travelers. The property was sold via an off-market transaction from Pacifica Host Hotels to a California based hotel ownership group. The parties were represented by Leigh-Anne Ashton, Bruce Holmes and Harry Hashim.
The 118-room hotel sold for an undisclosed amount and included the assumption of the current CMBS loan. The hotel will retain the Best Western franchise and significant capital will be deployed for renovations. The buyer has assumed management of the hotel operations. The hotel will be their third Chula Vista property.
Mrs. Ashton was quoted saying, "We are thrilled to once again work with these two entities. It was a challenging 1031 transaction with many moving parts. However, the buyer and seller were extremely proficient and persevered to make this closing a timely success."
HB1 is a national hotel brokerage firm with hotels for sale across the country. More information about the company can be found at www.hotelbrokerone.com