Downtown Sacramento’s Senator Hotel is up for sale, by auction, reports The Sacramento Bee. The building's owner LNR Property of Miami will reportedly take bids on May 18 and 19 for the 160,000-square-foot building that opened as lodging in the 1920s and was converted to office use in the early 1980s.
The likely sale price, noted Rob Cole, a SVP with JLL, will be above $34 million. JLL is marketing the property.
The auction format will be conducted online, and Cole said this offers certain advantages compared with conventional methods, such as bringing in new potential bidders and providing total transparency. “You can’t argue (as a seller) that you didn’t get your best price or (as a bidder) that you didn’t know what others were offering,” Cole said.
LNR, which took over the property in 2011 following a deed in lieu of foreclosure by a previous owner, briefly considered selling the Senator two years ago but held off when offers were only about $20 million, according to JLL executives.