Atlas in the news

https://therealdeal.com/la/2020/12/18/an-inhospitable-market-las-biggest-hotel-sales-plunge-in-2020/?utm_source=internal&utm_medium=after_article&utm_campaign=related_article Large deals have been few and far between as investors wait out pandemic Los Angeles / December 18, 2020 08:50 AM By Matthew Blake | Research By Jerome Dineen This was a bad year to sell a hotel. Only two of the five biggest Los Angeles County hotel sales in 2020 would have made the cut for last year’s top five, according to an analysis of property records by The Real Deal. The lack of big-ticket sales reflected a lack of deals period. There were 23 hotel transactions in the county in 2020, according to brokerage Atlas Hospitality Group. That’s a significant drop from 50 in 2019 and 48 in 2018. A handful of the deals that did go down, said Alan Reay president of Atlas, were a result of “Project Homekey,” in which the state of California bought hotels to house the homeless. Reay blamed the sales tailspin on market uncertainty caused by the pandemic, as state laws forced hotels to close down — and also gave lenders cold feet on hotel deals. “It’s a wait and see situation,” Reay said. A deal that would have come in at No. 2 on the list, the 502-key Renaissance Los Angeles Airport Hotel, which recently sold for $92.5 million, has not hit public…

https://patch.com/california/paloalto/palo-alto-hotel-sells-32-7m-report The Palo Alto property is among five Oxford Capital purchased for a combined $111 million according to the report. By Gideon Rubin, Patch Staff Dec 18, 2020 5:19 pm PT PALO ALTO, CA — A Palo Alto hotel has been sold amid a Chicago-based investment group’s Monopoly board-style Bay Area buying spree. Oxford Capital paid $32.7 million for the Creekside Inn in Palo Alto at 3400 El Camino Real, The Mercury News reports. The Palo Alto property is among five Oxford Capital purchased for a combined $111 million according to the report, and among two South Bay properties that sold for a combined $53.8 million. The investment group paid Oxford Capital paid $21.1 million for Hotel Los Gatos on 210 E. Main St. Oxford Capital paid a combined $57.2 for three San Francisco properties according to the report: The King George Hotel, Hotel Griffon and The Inn at Union Square in San Francisco. At a time when many investors are staying on the sidelines amid the uncertainty of the pandemic, Oxford Capital’s aggressive maneuvering has raised eyebrows. “We have been contrarian, value-oriented investors in the lodging sector for nearly 30 years,” said Oxford Capital’s founder and CEO John Rutledge told The…

$91.5 Million Trade is California’s Fifth Priciest Amid Pandemic Conditions https://product.costar.com/home/news/shared/1439334782?utm_source=newsletter&utm_medium=email&utm_campaign=personalized&utm_content=p4 By Lou Hirsh / CoStar News December 16, 2020 | 5:25 P.M. Sunstone Hotel Investors sold the 502-room Renaissance Los Angeles Airport hotel for $91.5 million in the L.A. market’s second-priciest hotel deal by sum of 2020, a tough year for hospitality properties amid the coronavirus pandemic. The company said it sold the property, built in 1991 at 9620 Airport Blvd. near Los Angeles International Airport, to an undisclosed buyer for $182,300 per room. Sunstone CEO John Arabia said in a statement that the sale price represented “an attractive valuation compared to pre-COVID levels” and amounted to 12 times the property’s 2019 adjusted earnings before taxes and depreciation. Sunstone, based in Irvine, California, purchased the hotel in January 2007 for $65 million, according to CoStar data. The new deal reflects the second-highest total price paid for a hotel property in the Los Angeles region this year, according to hotel brokerage and research firm Atlas Hospitality Group. It comes after EOS Investments’ auction purchase of the 116-room Viceroy L’Ermitage luxury hotel in Beverly Hills, California, for $100 million or $862,068 per room. The Renaissance deal also reflects the fifth largest sum paid for a hotel in the…

Major investor buys hotels in Palo Alto, Los Gatos, and San Francisco https://www.mercurynews.com/2020/12/14/real-estate-big-silicon-valley-s-f-hotel-deal-price-111-million-covid/ By GEORGE AVALOS | gavalos@bayareanewsgroup.com | Bay Area News Group PUBLISHED: December 14, 2020 at 8:20 a.m. | UPDATED: December 16, 2020 at 10:17 a.m. PALO ALTO — A big Midwest investment group has spent $111 million to buy five Bay Area hotels, including two in Silicon Valley, a strong indicator that veteran players see long-term potential in the region’s lodging market despite COVID 19-linked challenges. Oxford Capital Group has bought a hotel in Palo Alto, one in Los Gatos, and three in San Francisco, in a series of just-completed transactions that arrive amid brutal economic woes unleashed by the coronavirus. The purchase price of the entire package was $111 million, according to Oxford Capital. Chicago-based Oxford Capital, acting through multiple affiliates, paid $53.8 million for the two hotels in Santa Clara County, according to public documents filed in Santa Clara County during December. That would point to a combined price of $57.2 million for the hotels in San Francisco, according to experts familiar with the deals. Creekside Inn at 3400 El Camino Real in Palo Alto was bought for $$32.7 million, according to county documents filed on Dec. 11. Hotel Los Gatos at…