Pacifica Hotel Company Announces Sale of Hermosa Beach Quality Inn
Pacifica will continue to manage the 68-unit property on behalf of the new owners. The price of the transaction was not announced.
Pacifica sold the property, which they acquired as a part of a package in 2000, as part of the company's ongoing strategic plan of maximizing investor returns. Proceeds from the sale will be used in part for Pacifica's ongoing schedule of capital improvements.
"We are pleased that our original investment in this property generated an attractive profit for our investors," said Pacifica President Dale J. Marquis. "We look forward to providing the same excellence in management to the new owners and the same friendly service to guests of the Hermosa Beach Quality Inn & Suites."
Pacifica Hotel Company was formed in January of 1993 to consolidate the hospitality operations of Invest West Financial Corporation, which has been involved in the acquisition, development, refurbishing and operating of quality hotel properties for almost 30 years. Pacifica's 22 independent and flag properties in key California cities from San Diego to San Francisco feature outstanding locations, AAA 3-diamond ratings, upgraded amenities and high standards of guest service.
Logos, product and company names mentioned are the property of their respective owners.
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