VENTURA, CA— A private investor based in Los Angeles has purchased the 75-room Best Western Inn here for $4.8 million, according to Grubb & Ellis Co. The property was sold by New Mexico-based Royal Motels and will continue to be operated as a Best Western. Grubb & Ellis represented the seller while ERA New Star Realty represented the buyer. The offer was made, negotiated, countered and closed in fewer than 60 days, including new financing, Grubb & Ellis said.
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