MORENO VALLEY, CA – March 11, 2020 – Berkadia’s Hotels & Hospitality team completed the sale of two new assets in Moreno Valley, California for an undisclosed price. Senior Director Spencer Scott and Managing Director Kyle Stevenson completed the sale of The Residence Inn by Marriott Riverside Moreno Valley and the sale of the Holiday Inn Express & Suites Moreno Valley – Riverside on behalf of Scottsdale-based Glacier House Hotels. Cerritos, California-based Kamla Hotels acquired the hotels on March 4.
“Kamla Hotels is primarily focused on opportunities in California. They were quick to recognize the rare opportunity to acquire premier franchises in one of Southern California’s primary logistics hubs and fourth best MSA for economic growth in the nation,” said Scott.
“We were happy to facilitate the sale for hotel developer Glacier House and deliver value for Kamla,” added Stevenson.
The Residence Inn is a 112-room hotel located at 12940 Day Street. It offers studios and one- and two-bedroom suites. Amenities include a swimming pool, hot breakfast and evening reception, on-site laundry facilities and a grocery shopping service.
The Holiday Inn Express is a 104-room hotel located next door to the Residence Inn at 12960 Day Street. Amenities include hot breakfast, a heated outdoor pool, fitness center and meeting spaces.
Both hotels are located within the city’s Towngate master planned community and are walkable to over thirty restaurants and the regional Moreno Valley Mall, which contributes to the community’s more than 23 million square feet of retail and entertainment development. The City of Moreno Valley is home to March Air Reserve Base and over 4,500 businesses, including Fortune 500 and international companies like Amazon and Proctor and Gamble.
Berkadia’s Hotels & Hospitality group combines best-in-industry innovation, knowledge and experience with the most comprehensive suite of products and services, backed by relentless customer service and support to empower clients to capitalize on the right opportunities at the greatest value. The group serves clients across the country, offering a full set of advisory, investment sales, underwriting and loan origination services and products including Life Company, Proprietary Bridge Lending and Capital Markets Advisory Services.