Across Southern California, there has been an overall drop in the amount of hotel deals seen during the course of the year. Despite this, some hospitality properties continue to trade hands. One such property is the SureStay Plus By Best Western Yucca Valley Joshua Tree, which sold for $11 million, or about $117,021 per room. According to Vizzda records, an entity affiliated with Hiren Govind acquired the property with $9.95 million in new debt from G Bank. The selling entity links to Steven Koo.
The property is located at 56525 29 Palms Highway in Yucca Valley. The property is home to a 94-room motel that was built in 2008 totaling 59,631 square feet.
Situated in Yucca Valley, the property maintains close proximity to a number of tourist attractions, including Joshua Tree National Park and Palm Springs. Interstate 10 is also a short commute away.
Other deals have been seen in the area over the past year.
Last year, Kirkwood Collection acquired a 45-room hotel portfolio in Palm Springs, according to The Registry’s previous reporting. An entity affiliated with Alex Kirkwood of Kirkwood Collection purchased the string of hotels in transactions totaling $28.3 million, or about $629,444 per room. The seller in each deal was an entity linked to Lars and Kelly Viklund. The hotels are the La Serena Villas, Del Marcos Hotel and the Three Fifty Hotel and are located within close proximity of one another at 339 Belardo Road, 225 W Baristo Road and 350 S Belardo Road, respectively.
Across all of California, hotel sales are down. According to Atlas Hospitality Group’s Year-End 2023 California Sales Survey, there was a 45 percent decline in individual sales — a figure only eclipsed by the recession year of 2009. Sales volume decreased by over 56 percent, marking the second steepest decline in 15 years.
