In a show of strength for Greater Los Angeles’ hotel industry, hospitality assets continue to be snapped up. In one transaction that closed in May but was only recently recorded, Rancho Cucamonga-based Income Property Investments Inc. purchased a 266-room Motel 6 in Inglewood for $46 million, or about $172,932 per room. The seller in the transaction was Motel 6 parent company G6 Hospitality, according to public records.
The property is located at 5101 West Century Boulevard and was built in 1983. The 112,875 square-foot hotel’s website also shows a number of onsite amenities. These include a pool, airport shuttle service, onsite laundry, a concierge and more.
The Motel 6 is located just off Interstate 405, about two miles from the Los Angeles International Airport. Popular Inglewood attractions like SoFi Stadium and Hollywood Park are also within close proximity of the property.
Bouncing back from the lack of travel caused by the COVID-19 pandemic, Motel 6 properties in general have been faring well, according to G6 Hospitality. The parent company, which also owns the Studio 6 hotel brand, shows on its website that Motel 6 properties are currently seeing a 71.4 percent occupancy rate and have seen 550 new franchise locations over the past five years.
The recent acquisition by Income Property Investments marks one of several Motel 6 properties in the company’s growing hospitality portfolio. In total, the company owns nine other Motel 6 hotels throughout California, including in Palm Springs, Oakland, Sunnyvale and several other locations.
Income Property Investments has been investing in commercial real estate assets across the United States for more than 25 years, according to its website. As well as hospitality, the company’s portfolio also includes conventional and affordable multifamily properties, single family homes and commercial office buildings.