Marcus & Millichap Inc.
06/28/2022 | Press release | Distributed by Public on 06/28/2022 12:03
Marcus & Millichap Announces the Sale of Hotel Occidental, a 55-Unit Single-Room Occupancy Hotel in San Diego, California
Press Releases
Marcus & Millichap Announces the Sale of Hotel Occidental, a 55-Unit Single-Room Occupancy Hotel in San Diego, California
June 28, 2022
SAN DIEGO, June 28, 2022 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 410 Elm Street, a 55-unit single-room occupancy (SRO) Hotel property located in San Diego, California. The asset sold for $6,500,000.
Aaron Bove, Senior Managing Director Investments at Marcus & Millichap's San Diego Del Mar office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a limited liability company, was secured and represented by Aaron Bove. "Hotel Occidental is an iconic Bankers Hill property, and its sale represents one of the first closing with bank financing, of an SRO Hotel, since the onset of the pandemic." Bove said.
Hotel Occidental is located at 410 Elm Street in San Diego, California. The two-story, 55-micro unit Hotel Occidental is the true definition of hybrid, combining modern amenities and stylish decor with old-world charm and appeal and the functional simplicity of European lodging, creating a practical, comfortable, and affordable solution for both overnight and extended-stay guests. A complete redesign, in 2005, of this 1920's classic now gives way to a contemporary Euro-style hotel that boasts four extremely versatile room types fitting for every kind of guest, from the traveling conventioneer, the international student, to the young family enjoying a San Diego vacation.
Aaron Bove, Senior Managing Director Investments at Marcus & Millichap's San Diego Del Mar office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a limited liability company, was secured and represented by Aaron Bove. "Hotel Occidental is an iconic Bankers Hill property, and its sale represents one of the first closing with bank financing, of an SRO Hotel, since the onset of the pandemic." Bove said.
Hotel Occidental is located at 410 Elm Street in San Diego, California. The two-story, 55-micro unit Hotel Occidental is the true definition of hybrid, combining modern amenities and stylish decor with old-world charm and appeal and the functional simplicity of European lodging, creating a practical, comfortable, and affordable solution for both overnight and extended-stay guests. A complete redesign, in 2005, of this 1920's classic now gives way to a contemporary Euro-style hotel that boasts four extremely versatile room types fitting for every kind of guest, from the traveling conventioneer, the international student, to the young family enjoying a San Diego vacation.
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About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.