October 31, 2016
Two Coachella Valley hospitality assets traded hands, including the 151-unit Courtyard by Marriott and 130-unit Residence Inn Hotel. An affiliate of Orange County-based Mohammad Honarkar acquired the Palm Desert properties for $36 million.
A $3-million renovation program is slated for the pair of adjacent properties flagged with institutional quality brands.
Newport Beach, CA-based Twenty Four Seven Hotels led the acquisition process for the buyer and will manage the hotels. Newport Beach, CA-based Maxim Hotel Brokerage Inc.’s Jack Carr and Harry Pflueger represented the seller, Dallas-based REIT Ashford Hospitality Trust Inc.
Carr notes that “principals of Twenty Four Seven Hotels were involved in the original development of the properties so they understood the quality of the assets.”
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