An individual purchased a Holiday Inn located at 9920 Valley Blvd. in El Monte from California Investment Regional Center for $35 million.
The hotel has 141 rooms, according to CoStar Group Inc., which said that average occupancy for the hotel was 70% and revenue per available room was $77 a night.
The hotel was on the market for 552 days and originally listed for $45 million, according to CoStar.
Many hotels have faced difficulties during the Covid-19 pandemic. But while sales have been down nationwide, California actually saw an increase in the number of hotels sold in 2020 vs. 2019, according to a report from Atlas Hospitality Group.
Nationally, sales were down by roughly 52% during that period. They rose 0.3% in California, which accounted for 28% of all U.S. hotel sales last year. Despite the uptick in the number of hotels sold, the state saw total dollar volume decrease 46%. This represented the largest decline since 2009, according to Atlas Hospitality.
Los Angeles County fared slightly better, as transactions increased 19.6% in 2020 compared with 2019, with 61 hotels sold compared to 51 the previous year. Total dollar volume, however, decreased 39%.
Some of last year's largest hotel sales were the 502-room Renaissance Los Angeles Airport, which Sunstone Hotel Investors Inc. sold to an unnamed buyer for $91.5 million; the 116-room Viceroy L’Ermitage Beverly Hills, which EOS Investors purchased 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-based BLVD Hospitality, Global Mutual and ESI Ventures purchased for $62 million.
