HREC arranges sale of Oregon Best Western

Best Western Agate Beach Resort

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.”

Virtual Event

HOTEL OPTIMIZATION PART 2 | SEPTEMBER 10 & 24, 2020

Survival in these times is highly dependent on a hotel's ability to quickly adapt and pivot their business to meet the current needs of travelers and the surrounding community. Join us for Optimization Part 2 – a FREE virtual event – as we bring together top players in the industry to discuss alternative uses when occupancy is down, ways to boost F&B revenue, how to help your staff adjust to new challenges and more, in a series of panels focused on how you can regain profitability during this crisis.


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.

Suggested Articles

The absolute occupancy and RevPAR levels were the lowest for any Q3 in STR’s U.S. database.

Implementation of Volara’s contactless guest engagement and touchless room controls system is part of a rollout by Viceroy Hotels & Resorts.

U.S. hotel occupancy was virtually flat at 50.1 percent during the week of Oct. 11-17, according to the latest data from STR.