CIP Sells EconoLodge Hotel
- May 25, 2017
Crystal Investment Property LLC secured the sale of EconoLodge, a 44-key hotel in Newport, Ore., for an undisclosed price. The company, a member of Hotel Brokers International, represented the buyer. CIP’s President, Joseph Kennedy, worked with the buyer and the seller to negotiate a mutually acceptable sale.
Located at 606 SW Coast, adjacent to Highway 101, the hotel is just minutes away from Nye Beach, the Oregon Coast Aquarium and the Yaquina Bay Lighthouse. A various number of dining options are within a five-minute walk.
EconoLodge features amenities such as a free continental breakfast, free Wi-Fi, outdoor parking for buses and trucks and in-room coffee makers. The hotel also accommodates pets. Back in April, CIO closed the sale of another hotel on the West Coast, a 27-key property in Florence, Ore.
“The EconoLodge in Newport was ideally suited for our buyer client who was in a 1031 Exchange. With strong financials and ideal owner accommodations, this was the perfect opportunity for this experienced hotelier to move to an idyllic spot on the Oregon coast,” said Joseph Kennedy, in prepared remarks.
Image courtesy of Choice Hotels