Despite an overall decline in hotel sales in the Inland Empire, another hospitality asset recently traded hands in the region. According to Vizzda records, an entity affiliated with Sohail Nasim purchased a 117-room hotel in Ontario earlier this month. The property was sold by an entity linked to Stella Du for $18.25 million, or about $156,000 per room.
The property is located at 4674 Ontario Mills Parkway, and features a four-story Country Inn & Suites by Radisson. The property totals 42,578 square feet and was developed in 2009 and also features 118 parking spaces.
The hotel is situated just off Interstates 10 and 15 and near Ontario International Airport. Surrounding the property are also a number of retail and dining amenities at the Ontario Mills shopping center.
Across the state, hotel sales are down, according to recent data from Atlas Hospitality Group’s Year-End 2023 California Sales Survey. The survey showed that there was an overall 45 percent decline in individual sales. Sales volume also decreased by over 56 percent, marking the second steepest decline in 15 years. The median price per room experienced a slight decline of just over one percent as well.
Throughout the Inland Empire, these trends persisted. Riverside County recorded a 27 percent decrease in transactions. In San Bernardino County, there was an 83 percent decline in hotel deals.
