Crystal Investment Property, LLC, a member of Hotel Brokers International, announced the successful sale of the Guesthouse Inn & Suites in Yakima, Washington. Crystal Investment Property, LLC, a licensed Washington State broker, exclusively represented the seller, in the sale. Joseph P. Kennedy, President of CIP, worked closely with the Seller, Emerald Holdings, LLC, to negotiate a mutually acceptable sale. The final sale price was $2,100,000.
The 2 story, 50 key, Guesthouse Inn & Suites was built in 1998 as an independent hotel and converted to a Guesthouse Inn & Suites in early 2013. Located at 1010 East “A” Street, the hotel offers excellent proximity to the regional Convention Center and the heart of downtown Yakima. The new owner, an experienced hotelier who purchased the property under a 1031 exchange, will keep the property operating as a Guesthouse Inn & Suites.
Joseph Kennedy, President of Crystal Investment Property said, “The Pacific Northwest region remains very attractive to investors and a strong agricultural hub, like the Yakima Valley, offers strong demand drivers year round. We had positive response from quite a number of buyers and feel that, given the competitive nature of the interest in the property, we were able to secure a top of market price for the Seller. With the recent transition to a franchise, the Buyer retains an opportunity for upside as the location stabilizes in the reservations system and we feel we really achieved a win/win situation for everyone.”
Crystal Investment Property, a premiere hospitality investment advisory and brokerage company located in the Pacific Northwest, maintains the most cutting-edge technological, online and social media presence as well as a full range of traditional and web-based marketing reaching local, regional, national and international clientele. The firm’s core services of hospitality asset acquisition/disposition are supported by innovative and creative solutions to maintain position as the most active and successful hotel broker in the region. Crystal Investment Property represents the full spectrum of hospitality real estate owners and their experience covers all hospitality assets types, including: full service hotels, boutique hotels, select service hotels, limited service hotels, as well as development projects, and leasehold transactions. Crystal Investment Property may be accessed online at www.crystalip.com.
Founded in 1959, Hotel Brokers International is the industry leader in hotel real estate sales. HBI’s more than 50 hotel brokerage specialists have successfully negotiated more than 10,000 hotel real estate transactions and most recently have accounted for 48 percent of all select-service and economy hotel sales in the United States. The organization’s database currently comprises more than 150 property listings and the HBI website attracts more than 55,000 monthly site visitors from approximately 50 different countries. Founder and host of the popular Hotel Investor’s Marketplace Webcast, HBI also developed the Certified Hotel Broker professional designation program. In addition to hospitality real estate advisory services, HBI offers affiliate membership to professionals in allied fields, including franchising, lending, appraisals and investment services. For more information about HBI’s hotel listings or to become a broker or affiliate member, visit www.hbihotels.com.
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