Southern California Select-Service Hotel Portfolio

Corona CA
On the Market
Property Type :
Hotel/Lodging
Year Built :
2009
Property Size :
2.39 acres / 115 Units

Overview

HFF is pleased to present the opportunity to acquire the fee-simple interest in three institutionally-owned Marriott and Hilton premium-branded select-service hotels totaling 359 rooms (“Portfolio”, “Properties” or “Hotels”) in Southern California. Comprised of a Residence Inn, SpringHill Suites and a Hampton Inn & Suites, the Portfolio offers strong brand affiliations in the Kern County and Inland Empire markets. Benefiting from best-in-class Marriott and Hilton flags, the Portfolio averages nearly $16,000 in EBITDA per key. Unencumbered of management, the Hotels offer potential investors attractive going-in yields with critical mass and potential cost savings and economies of scale. The Properties are offered unencumbered of debt and can be acquired as a portfolio or on an individual basis.

Property Summary

Southern California Select-Service Portfolio consisting of a Residence Inn, SpringHill Suites, and Hampton Inn & Suites totaling 359 keys.

Location

The Properties are situated in rising California submarkets: Bakersfield and Corona/Riverside, providing strong demand diversity with upside across the Portfolio. Located in Bakersfield, the Residence Inn is positioned to capitalize on its access to a wide array of education, healthcare and entertainment demand generators. The Hotel is strategically positioned between the Rabobank Arena, Theater & Convention Center and California State University - Bakersfield. There is a major corporate and healthcare hub located adjacent to the Hotel and almost 750,000 square feet of office space under construction or conversion. The Hotel’s Competitive Set experienced a 3.0% year-over-year RevPAR increase in 2018, further signaling a period of expansion on the horizon. Located in Corona Riverside, the SpringHill Suites is conveniently located near a diverse assortment of retail plazas, medical offices/centers, and corporate offices, including the Monster Beverage Corporation World Headquarters, Kaiser Permanente Medical Offices and the Fender Center for the Performing Arts. There is over 3 million square feet of office space in Corona Riverside including projects planned/under construction and the submarket is poised for growth. From 2013 through 2018, the Corona/Riverside submarket experienced a 9.2% RevPAR CAGR, demonstrating the region’s positive momentum. Located in Moreno Valley, the Hampton Inn & Suites is perfectly positioned in the center of the bustling group of TownGate shopping centers and is adjacent to the million square foot Moreno Valley Mall. The surrounding area is home to the March Air Reserve Base, University of California-Riverside, and an Amazon Fulfillment Center, creating a dynamic environment for growth. The Hotel is in the same submarket as the SpringHill Suites in Corona Riverside and so its market has also experienced similar growth.

Map

Documents

If you are interested in obtaining more information from HFF, please execute the confidentiality agreement below. HFF will review the signed agreement and contact you as soon as possible.

Contact Information

Scott Hall

CA Lic. #01917029

4350 La Jolla Village Drive
Suite 450
San Diego, CA 92122
P: 8588122355
F: 8585527695

scott.hall@am.jll.com
Blake Malecha

CA Lic. #02078977

10250 Constellation Blvd
Suite 1000
Los Angeles, CA 90067
P: 3104072114
F: 3104072101

blake.malecha@am.jll.com
Aaron Lapping

CA Lic. #02027729

4350 La Jolla Village Drive
Suite 450
San Diego, CA 92122
P: 8588122368
F: 8585527695

aaron.lapping@am.jll.com

Deal secured by Holliday GP Corp. prior to being acquired by JLL on July 1, 2019. Brokerage services now provided by Jones Lang LaSalle Americas, Inc. ("JLL"), a licensed real estate broker. CA Real Estate License No. 01223413