Ashford Hospitality Trust purchased the Hilton Santa Cruz/Scotts Valley, a 178-room hotel in Scotts Valley, Calif., from The Arden Group for $50 million.
JLL Hotels & Hospitality arranged the sale. EVP Mark Fraioli and SVP Melvin Chu led the JLL team on the transaction.
“Prime location was a key factor driving investor interest in this asset,” said Fraioli. “The opportunity to acquire lodging product with access to San Francisco, Silicon Valley and Santa Cruz is rare.”