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Monterey Court approves sale of area Marriott hotel group

By   /   Friday, October 24th, 2014  /   Comments Off on Monterey Court approves sale of area Marriott hotel group

According to Trigild CEO Bill Hoffman, the properties were held in a family trust and sold for an undisclosed price after Monterey California Superior Court Judge, the Honorable Susan J. Matcham, ruled in favor of the sale, overruling the objections of some of the trust beneficiaries.

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Elijah Brumback

Elijah Brumback

A group of Marriott hotel properties with locations in Thousand Oaks and San Luis Obispo were recently sold out of receivership to BRE Atlas Property Owner. San Diego-based real estate services firm Trigild was the receiver in the transaction. Deal terms were not disclosed.

According to Trigild CEO Bill Hoffman, the properties were held in a family trust and sold for an undisclosed price after Monterey California Superior Court Judge, the Honorable Susan J. Matcham, ruled in favor of the sale, overruling the objections of some of the trust beneficiaries.

In late 2013, Trigild was appointed receiver in connection with a long-running legal dispute between certain members of the trust and the owners of the Best Western Valencia, Holiday Inn Express Valencia, Courtyard by Marriott in San Luis Obispo and Courtyard by Marriott and a Marriott TownePlace Suites in Thousand Oaks — all held in a family trust.

According to the release, Trigild was subsequently directed by the court to take over property management and the operations of the properties and completed the receivership sale of the Holiday Inn Express and Best Western properties in Valencia in late August. The three Marriott hotels include: the 139-room Courtyard Marriott at 1605 Calle Joaquin in SLO, the 93-room TownePlace Suites by Marriott at 1712 Newbury Road in Thousand Oaks and the 120-room Courtyard Marriott at 1710 Newbury Road also in Thousand Oaks

As with the Valencia Hotels, the sale price for the Marriott properties was bouyed by financial improvements Trigild was able to make throughout the course of the receivership including occupancy, ADR and RevPAR gains, Hoffman said.

The broker on the sale was Alan Reay of Atlas Hospitality Group and receiver’s counsel was Fernando Landa of CrosbieGliner Schiffman Southard & Swanson.

No-go in SLO
On Tuesday the San Luis Obispo City Council voted against overriding the Airport Land Use Commission in an effort to update the city’s general plan. The highly contentious “no” vote, blamed on bench politics, leaves several major planned commerical and residential developments hanging in the air, including Chevron’s Tank Farm Road overhaul.

Prior to the meeting, Business Times sources said the vote was one of the biggest and most important for the future of SLO in the last several years. With the discussion set to be continued by Mayor Jan Marx on an unspecified future date, the polemic back-and-forth can still be brought before the City Council again. But for now, hopes of more housing and city building are dashed.

Blenders adds to mix
Blenders in the Grass, the health-concious purveyor of smoothies and shakes, just signed a lease to open a 1,262-square-foot location at Paradise Victoria Shopping Center, located near the corner of Victoria Avenue and Telephone Road. Blenders will be joining Little Caesars Pizza, Jersey Mike’s, Chipotle, Peet’s Coffee and other national and regional tenants. This will be the chain’s thirteenth Southern California location. An opening date has not yet been scheduled.

Rob Devericks and Linda Hagelis of the Hagelis Group represented the landlord in the transaction. Epsteen & Associates represented the tenant.

Civic duty
The Goleta City Council is holding a special meeting for an update on the progress of the Civic Center Feasibility Study being conducted for the Goleta Valley Community Center. The workshop is scheduled for Monday, Oct. 27 at 2 p.m. in the Goleta City Council Chambers at 130 Cremona Drive, Suite B.

The feasibility study includes conceptual plans for a new city hall on the seven-acre site and possible inclusion of an adjoining, yet-to-be-acquired, three-acre site owned by Goleta Union School District. Designs and general development options for a new city hall and other potential civic services and structures at the specified location will also be discussed.

Faces in the crowd
Marcus & Millichap announced the appointment of Brian Johnson to the position of senior associate in multifamily investments at their new Ventura office. Johnson has been working in Central Coast CRE since 2002 and helped broker more than $120 million in transactions since 2012.

Prior to joining Marcus & Millichap, Johnson served as a senior agent and general manager for Radius Commercial Real Estate in Santa Barbara. He has co-authored the South Coast Commercial Vacancy Report for the annual UCSB Economic Forecast Project’s annual summit.

Johnson joins Marcus & Millichap as it opens a new Ventura office that will serve the region from Thousand Oaks to Paso Robles.

• Contact Elijah Brumback at [email protected]

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