(EDITOR’S NOTE: According to a source with knowledge of the transaction, the property sold for $7.6MM, or about $271,428 per room.)
SAN DIEGO, CA– January 28, 2022 – Berkadia announced today the sale of The Tides Oceanview Inn & Cottages, a 28-key waterfront boutique hotel in Pismo Beach, California. Managing Director Scott Hall and Senior Director Aaron Lapping of Berkadia Hotels & Hospitality led the transaction on behalf of the seller, Aliso Viejo-based Pacifica Hotels.
An affiliate of Irvine-based CoreCapital Investments purchased the hotel.
“The Tides benefits from the strong underlying fundaments and year-round leisure appeal of Pismo Beach,” Hall said. “With an incredible waterfront location and go-forward business plan optionality, the hotel is poised for significant long-term success.”
Originally built in 1947, The Tides is located on an oceanfront bluff in one of California’s best performing drive-to markets. The Hotel benefits from a prime coastal location off Highway 101 in Pismo Beach, minutes from downtown and proximate to many of the Central Coast’s major leisure demand drivers, including the Pismo Beach Pier and Promenade, the 880-acre Pismo Preserve, the Oceano Dunes State Recreation Area and over 250 nearby wineries.
Berkadia Hotels & Hospitality combines best-in-industry innovation, knowledge and experience with the most comprehensive suite of products and services, backed by relentless customer service and support to empower clients to capitalize on the right opportunities at the greatest value. The group serves clients across the country, offering a full set of advisory, investment sales, underwriting and loan origination services and products including Life Company, Proprietary Bridge Lending and Capital Markets Advisory Services.
