Sacramento Hotel Purchased for $16MM as Part of Hotel-to-Multifamily Conversion
(EDITOR’S NOTE: According to public records, the asset was sold in August of 2021 for $16 million, or about $121,212 per room. The seller was Manas Hospitality, LLC, which is affiliated with San Diego-based Kalthia Group Hotels. The buyer, MVC MF LLC, is an entity affiliated with Josh Wertlieb of Arizona-based Harc Holdings. As part of its business strategy, the firm seeks to transform hotels into new rental housing.)
Sacramento, CA, October 14, 2021- Tower Capital arranged a $23.2 million acquisition and renovation loan for a 132-key Holiday Inn Express hotel in Sacramento, CA that will be repurposed into a 129-unit, Class B multifamily community. The four-story project was originally built in 1979 and is located at Sacramento’s downtown convention center.
