Holiday inn

Holiday Inn location sells for $35 million

An individual purchased a Holiday Inn located at 9920 Valley Blvd. in El Monte from the California Investment Regional Center for $35 million.

The hotel has 141 rooms, according to CoStar Group Inc., which said the hotel’s average occupancy rate was 70% and revenue per available room was $77 a night.

The hotel had been on the market for 552 days and originally listed for $45 million, according to CoStar.

Many hotels have experienced difficulties during the Covid-19 pandemic. But while sales fell nationwide, California actually saw an increase in the number of hotels sold in 2020 compared to 2019, according to a report by Atlas Hospitality Group.

Nationally, sales declined by approximately 52% during this period. They rose 0.3% in California, which accounted for 28% of all hotel sales in the United States last year. Despite the increase in the number of hotels sold, the state saw total dollar volume decline by 46%. This represents the largest drop since 2009, according to Atlas Hospitality.

Los Angeles County is doing slightly better, with transactions up 19.6% in 2020 from 2019, with 61 hotels sold compared to 51 the previous year. Total dollar volume, however, was down 39%.

Some of the biggest hotel sales last year were the 502-room Renaissance Los Angeles Airport, which Sunstone Hotel Investors Inc. sold to an anonymous buyer for $91.5 million; the 116-room Viceroy L’Ermitage Beverly Hills, which EOS Investors bought for $100 million after it was seized following a money laundering scandal involving financier Jho Low; and the iconic turquoise Georgian hotel on Ocean Avenue in Santa Monica, which downtown BLVD Hospitality, Global Mutual and ESI Ventures bought for $62 million.

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