Despite an overall decrease in hotel sales across the hospitality market, several sales have been seen across the Inland Empire. According to Vizzda records, an entity tracing to Nrupenbhai and Jatinbhai Patel paid $16 million, or $133,333 per unit, for a 120-room hotel in Ontario. The property was purchased with $10.38 million in new lending from the State Bank of India from an entity affiliated with Janet Leskiw.
The property is located at 231 N Vineyard Ave. and includes one three-story building totaling 53,820 square feet. The property was built in 1987 and sits on more than two acres. The building is home to an Ontario Extended Stay Lodging, and includes furnished units with office space, microwaves, refrigerators and more. The property also features a pool and spa and a fitness center.
The hotel is situated at the junction of Interstates 10 and 15, providing easy access throughout the Inland Empire. Additionally, the property is easily accessible to Ontario International Airport as well as nearby amenities like the Toyota Arena and Ontario Mills.
Across California, the hospitality market has seen a decrease in sales, with a recent report from Atlas Hospitality Group showing a 53 percent decline in sales activity since the same time the previous year. Similar trends were reported in San Bernardino, which saw a decline in hotel sales by 95 percent.
