Trigild Completes Receivership Sale of Three Marriotts
Southern California Hotels sold to BRE Atlas Property Owner LLC.
- San Diego, CA (1888PressRelease) October 21, 2014 - Completing the disposition of a five hotel portfolio, San Diego-based real estate services firm Trigild today announced the receivership sale of three Marriott hotel properties in Thousand Oaks and San Luis Obispo - overcoming some defendants' objections - to BRE Atlas Property Owner LLC.
According to Trigild CEO Bill Hoffman, the properties were held in a family trust and sold for an undisclosed price after Monterey California Superior Court Judge, the Honorable Susan J. Matcham, ruled in favor of the sale, overruling the objections of some the trust beneficiaries. "The court found the sale of these properties to be in the best interests of the trust estate," Hoffman said.
In late 2013, Trigild was appointed receiver in connection with a long-running legal dispute between certain members of the trust and allegations of misconduct by the owners of the Best Western Valencia, Holiday Inn Express Valencia, Courtyard by Marriott in San Luis Obispo and Courtyard by Marriott and a Marriott TownePlace Suites in Thousand Oaks - all held in a family trust. Trigild was subsequently directed by the court to take over property management and the operations of the properties and completed the receivership sale of the Holiday Inn Express and Best Western properties in Valencia in late August 2014.
The recently sold Marriott hotels include:
- The 139-room Courtyard Marriott, 1605 Calle Joaquin, San Luis Obispo, Calif. Amenities include heated outdoor pool, spa, lounge, fitness center, meeting space and more.
- The 93-room TownePlace Suites by Marriott, 1712 Newbury Rd., Thousand Oaks, Calif. Amenities include outdoor pool and spa, laundry facilities, fitness center and BBQ area.
- The 120-room Courtyard Marriott, 1710 Newbury Rd., Thousand Oaks, Calif., with amenities such as lounge, outdoor pool and spa and meeting facilities.
As with the Valencia Hotels, the favorable sale price for the Marriott properties was enhanced by significant financial improvements Trigild was able to make throughout the course of the receivership - including occupancy, ADR and RevPAR gains, Hoffman said.
The broker on the sale was Alan Reay of Atlas Hospitality Group and receiver's counsel was Fernando Landa of Crosbie Gliner Schiffman Southard & Swanson LLP.
About Trigild
Headquartered in San Diego with offices throughout the country, Trigild has nearly 40 years of property management and fiduciary expertise, with a focus on managing and maximizing value for assets in an array of industries, including hospitality, commercial real estate, multifamily and more. Trigild has a full service national operating platform providing institutional quality services to private real estate investors as well as fiduciary clients and courts. For information, visit www.trigild.com.
Media Contact:
Sydnie Moore moore2com ( @ ) gmail dot com 619-823-8448.
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