HREC Investment Advisors arranged the sale of the 148-room Best Western Agate Beach Resort located on the Pacific Ocean in Newport, Ore. The buyer is an affiliate of Vesta Hospitality, an owner and operator of resorts and hotels across the United States.
Mike Armstrong, principal in HREC Investment Advisors’ San Diego office, and Mike Cahill, CEO and founder of HREC, exclusively represented the private seller on the transaction.
“The Best Western received significant investor interest due to the irreplaceable oceanfront location, strong performance, and the quality of the physical facility,” Armstrong said. “After Vesta Hospitality completes a multimillion-dollar value-enhancement project, the hotel will be well-positioned to drive occupancy and ADR and increase cash flow.”
The hotel is located on Highway 101 west of Portland and Eugene, Ore. It benefits from its resort facilities and its beachfront location, as well as its proximity to major area attractions such as the Oregon Coast Aquarium and Mariner Square. The hotel is located near many of the area’s demand generators such as Nye Beach, the Deco District in downtown Newport, Rogue Ales Brewery and the Hatfield Marine Science Center. Newport is a popular coastal destination and attracts approximately two million visitors to the area each year.
HREC is a lodging and gaming real estate advisory firm specializing in property sales, mortgage brokerage, equity/JV structuring, consulting (market studies and appraisals) and litigation support. The company has offices throughout North America, and has a specialization in the hotel/casino market.