While the hotel market has largely cooled down after seeing record sales in 2021, various hospitality assets continue to trade hands. In one recent deal, Cambridge Hospitality Inc. purchased the Hampton Inn & Suites Temecula for $15.2 million, or about $155,102 per room. The property was sold by an entity affiliated with Aberdeen, South Dakota-based hotel operator TKO Hospitality, according to public records.
The property is located at 28190 Jefferson Ave. in Temecula and consists of 98 hotel rooms. Public records also show that the 57,502 square foot hotel was purchased using a $10.6 million loan from Royal Business Bank.
Hampton Inn & Suites Temecula is a Hilton-branded hotel with a number of onsite amenities, including fitness center, business center and outdoor pool.
The hotel is located just off Interstate 15 near a number of off site retail amenities as well. Across the street from the hotel is the Temecula Town Center, which is home to a CVS, Vons, Starbucks and more. The property is also surrounded by other hotel properties, including Home2 Suites by Hilton, Springhill Suites by Marriott and many others.
While hotel deals throughout Southern California continue to take place, the hotel industry overall has seen a decline in sales in comparison to its record year in 2021. According to Atlas Hospitality Group’s 2022 Mid-Year California Hotel Sales Survey, hotel sales declined by 9.9 percent across the state over the past year. In addition, total dollar volume fell by 33.6 percent. And while transactions are continuing at much slower paces, California has still seen a number of deals, reporting the second highest number of sales on record and the third highest in terms of dollar volume, the report shows.
