NorCal Hilton Hotel Sells for $50M
- Mar 01, 2019
Ashford Hospitality Trust Inc. has purchased Hilton Santa Cruz/Scotts Valley in Santa Cruz, Calif., for $50 million. As part of the acquisition financing, the company assumed a non-recourse mortgage loan with a current balance of approximately $25.3 million. The loan matures in March 2025 and has a fixed interest rate of 4.7 percent.
Remington Lodging will manage the 178-key property on behalf of the new owner. The same company runs La Posada de Santa Fe, another property acquired by Ashford Hospitality Trust for $50 million in October 2018.
Located at 6001 La Madrona Drive, Hilton Santa Cruz/Scotts Valley is near leisure destinations like Santa Cruz Beach Boardwalk, the redwood forests in the Santa Cruz Mountains and the Monterey Bay National Marine Sanctuary. The proximate Silicon Valley is another point of interest for business clientele. San Jose International Airport is also close by.
The property is the only full-service Hilton-branded asset in the Santa Cruz market. Opened in 1999, the property comprises 21 suites. Amenities include 7,900 square feet of flexible meeting space, an outdoor pool, fitness center, business center, gift shop and guest laundry facility, as well as a restaurant. The hotel benefited from capital improvements worth more than $7 million between 2016 and 2017.
Image courtesy of Ashford Hospitality Trust