PACIFIC GROVE, CA, Nov. 8, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for a distressed hospitality property portfolio in Pacific Grove.
The two assets in the portfolio are the 64-plus one room Lighthouse Lodge (top left photo) and the 31-room Lighthouse Suites.
The listing price for the portfolio is $14,250,000, or the properties may be purchased individually for $8,150,000 and $6,100,000, respectively.
.
.
Lighthouse Lodge and Suites’ existing debt matured in 2009 and is subject to Chapter 11 bankruptcy court approval.The Lighthouse Lodge and the Lighthouse Suites are located at 1150 and 1249 Lighthouse Avenue, respectively, on the Monterrey Peninsula in Pacific Grove, Calif. Both properties are adjacent to the picturesque ocean-side Pacific Grove Golf Course (lower left photo).
All rooms have coffee makers, ironing boards and irons, and have been upgraded to include 32-inch large-screen cable televisions with remote control, the pay-per-view movies, high-speed Wi-Fi network, some refrigerators and microwaves, stocked honor bars and five-star bedding with robes for two.
Guests are offered a deluxe American breakfast and 57 rooms have a balcony or small patio, some with ocean views. The hotel expanded in 1991 with the addition of 31 deluxe suites.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
No comments:
Post a Comment