CHICAGO—Ultima Hospitality, in partnership with Argosy Real Estate, has sold the Holiday Inn Express in southern Marin County, CA, for a sale price of $28 million.
Formerly the Larkspur Mill Valley Hotel, Ultima rebranded the 100-room hotel to a Holiday Inn Express in the fall of 2012. As part of the rebranding, Ultima executed a targeted improvement plan including a redesign of all guestrooms, remodeled common areas and extensive improvements to the property’s exterior.
Nir Liebling, chief investment officer of Ultima Hospitality, said, “This was Ultima Hospitality’s first investment in the Bay Area. In less than three years, our operations team successfully executed on our business plan and created significant value through the rebranding and renovations. This was the right time to exit the investment for our partnership, but we remain strong believers in the long-term outlook for the Bay Area. The greater San Francisco market is a great fit with our strategy to identify and acquire institutional quality, value-add assets in high barrier to entry markets.”