A property recently placed on the market will provide hospitality investors with the chance to acquire a 32-room motel in one of the top performing submarkets in California. Centrally located in Orange, the property is being listed by Century 21 with an asking price of $10.86 million, or about – per room.
The hotel, which is also called the Sky Palm Motel, is a two-story hospitality asset near a variety of Orange County tourist attractions. The property is currently owned by Catalina Hospitality LLC, an entity associated with local investor Prakashkumar Mistry. Public records show that the property was last acquired in 2009 at an undisclosed rate.
The Sky Palm Motel also provides a variety of onsite amenities, including free parking, free WiFi, 24-hour desk access and more. Rooms also include flat-screen televisions and kitchenettes.
The motel is situated just off of the 55 Freeway, providing easy access throughout the rest of Orange County. The property is also located to several of Orange County’s prime tourist attractions, including Disneyland, which is less than 10 miles away. Additionally, the property maintains close proximity to Chapman University, Angel Stadium of Anaheim, the Santa Ana Zoo and the Discovery Science Center.
Orange County has also become a popular destination for those looking to invest in the hospitality industry. According to a recent end-of-year California hotel sales survey, transactions in Orange County’s hotel industry increased 152.6 percent from 19 hotels sold in 2020 to 48 in 2021. Total dollar volume also increased more than 96 percent year-over-year and the county’s average price per room increased by about 24 percent.
