Avison Young Brokers $8M Sale of Monterey Boutique Hotel
- Apr 11, 2017
Avison Young brokered the $8.4-million sale of the Stargazer Inn & Suites, a 52-key boutique hotel in Monterey, Calif. Monterey Signature Hotels, represented by principal Eric Gunderson, sold the property to a local private investor.
Located at 1046 Munras Ave., the property is within walking distance from the city’s historic downtown and less than two miles away from Cannery Row. This waterfront street in New Monterey is packed with local attractions such as the Monterey Bay Aquarium and Mirror Maze, but also shopping and dining options. The hotel features an indoor pool and spa. Many guest rooms offer fireplaces and partial ocean views.
“The buyer liked the opportunity to own a boutique hotel in the heart of a popular tourist area in Monterey,” Gunderson said in prepared remarks. “While there is a boom in hotel development nationally, that is not the case in the Monterey area, where a moratorium on new hotel construction is in effect, making this asset even more attractive in terms of long-term valuation. Additionally, the Monterey Conference Center, which is near the hotel and has a capacity of 3,200 people, is anticipated for completion this summer. The conference center will ultimately generate even stronger room rates and occupancy for the property.”
Image courtesy of Avison Young