Crystal Investment Property, a member of Hotel Brokers International, announced the sale of the King Oscar Motel and Conference Center in Tacoma, Wash. Crystal Investment Property, a licensed Washington State broker, exclusively represented the seller, in the sale. Joseph P. Kennedy, president of CIP, worked closely with the Seller, Hokold Development, to negotiate a mutually acceptable sale. The final sale price is confidential.
The Tacoma property closing marks the final sale of the five-property, 713 room portfolio of the regional chain of King Oscar hotels sold by Crystal Investment Property. Placed on the market in August of 2012, the $23-million portfolio attracted strong buyer interest and saw multiple competitive offers with several of the properties being sold with two and three back-up offers in place waiting for the opportunity to purchase. With one exception, all properties have been branded by the new owners and all continue to enjoy strong market presence due to their exceptional locations and highway visibility.
The 221 key, King Oscar Motel with adjacent 15,000 sf conference center was built in two distinct sections in 1992 and 2000. Located at 8820 SW Hosmer Street, the hotel is sited on over five simple acres abutting the I-5 freeway just south of Metro Seattle with bold and highly visible signage. The new owner, an experienced hotelier who also purchased the King Oscar Motel in Lacey, Wash., will be separating the interior and exterior corridor portions of the property by putting two complimentary brands on the property.