HREC Investment Advisors arranged the sale of the 81-guestroom Fairfield Inn & Suites located in Yakima, Wash. The sale price was $8,700,000.
Mike Armstrong, Principal in HREC Investment Advisors’ San Diego office, exclusively represented the seller, LLJ Ventures, a value-add real estate investment firm. The hotel was managed by Pacific Pearl Hotels. LLJ acquired the hotel in 2013, and installed a new management team and completed a major renovation which contributed to the hotel’s solid year-over-year performance.
The buyer is Glacier House Hotels, an owner and operator of select service Marriott, Starwood, and IHG branded hotels primarily in the western United States. Glacier recently closed on another three hotels and is actively pursuing new opportunities.
“Our client met their investment goals and was able to achieve an excellent return for their investors. The Fairfield Inn and Suites received significant investor interest due to the premium brand, the high quality of the physical facility and the strong regional market. After Glacier House Hotels completes minor property improvements, the hotel will be well-positioned to increase its market penetration and cash flow,” commented Mike Armstrong.
The hotel maintains a highly visible location on Fair Avenue, immediately off of Interstate 82. The Hotel’s accessibility to Interstate 82 and immediate proximity to Bob’s Burgers & Brew make it a favorite lodging facility for visitors to the Yakima Training Center, one of Yakima’s most prominent demand generators. Other demand generators include the Yakima Convention Center, Yakima Speedway, the Yakima River and State Fair Park.