More hospitality properties are trading in the Inland Empire. In a recent deal, an entity affiliated with Rajesh Patel, Nitu Barot and Ohm Patel purchased a 200-room hotel for $13 million, or $65,000 per unit, with $11.3 million in lending from Celtic Bank Corp. The property was sold by an entity linked to Phillio Elghanian, according to Vizzda records.
The property is located at 14173 Green Tree Blvd.in Victorville and consists of two two- and three-story buildings totaling 64,102 and 52,647 square feet on nearly 10 acres of land. The property, which is also referred to as Green Tree Inn, features a banquet hall as well as the Jarvis Cafe. Google Maps, however, indicates that the property is currently closed.
The hotel overlooks the adjacent Green Tree Golf Course. The property is also situated just off Interstate 15.
The Inland Empire has seen other sales in the hospitality space over the past several months.
In one deal, 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, located at 231 N Vineyard Ave. was purchased with $10.38 million in new lending from the State Bank of India from an entity affiliated with Janet Leskiw.
In Palm Springs, Kirkwood Collection also recently acquired a 45-room hotel portfolio for $28.3 million, or approximately $629,444 per unit. The seller in each deal was an entity linked to Lars and Kelly Viklund. The hotels are the La Serena Villas, Del Marcos Hotel and the Three Fifty Hotel and are located within close proximity of one another at 339 Belardo Road, 225 W Baristo Road and 350 S Belardo Road, respectively.
