Hotel Broker-Yatish Nathraj: Just Sold Holiday Inn Express 29 Palms
Scope of Work:
Yatish Nathraj a Hotel Broker: Just Sold - Holiday Inn Express – Twentynine Palms, California
Description of Project:
Yatish Nathraj a Hotel Broker in Southern California with HTL Hospitality Advisors is pleased to announce the recent sale of the Holiday Inn Express 29 Palms, California. HTL represented both the seller and buyer, local Corporations in the transaction, which saw the 84-unit close on December 1st 2015. The buyer of the property was a Southern California based investment entity. The Hotel was built in 2010 with a 20-year license from IHG. The buyer received a (PIP) Property Improvement Plan from InterContinental Hotels Groups, which was a very minimum amount. The Property sold on a 8.25% cap rate or a 3.83x Gross Multiplier. HTL also helped place the Financing in this transaction.