UPDATE April 19, 2024: Offering Memorandum is updated to reflect new "actuals" and "projections". Price improvement to $13.7MM. With renovations nearly completed, and solar panels paid off in full by August 2024, this property has significant financial upside through increased occupancy and room rate adjustments particularly during most active months - April thru September. Seller is motivated to structure the right transaction with the right qualified / motivated Buyer.
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Paul E Stansen, APC is retained as the exclusive broker to market for sale Lone Oak Lodge in Monterey, California, a 46-room exterior access hotel located on Fremont Street adjacent to the Monterey Regional Airport. The subject property is near iconic Carmel by the Sea / Ocean Avenue, Pebble Beach, 17-mile drive, Cannery Row & Monterey Bay Aquarium, Old Fisherman’s Wharf, Monterey Regional Airport, and Laguna Seca Recreational Area.
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This offering presents a unique opportunity to acquire a high-performing hotel asset within the desirable Monterey County market which is a highly desired destination location of individuals from around the world. Hotel guests include leisure and business travelers alike, travelers from Northern to Southern California, who come to the Monterey Peninsula for business and to vacation.
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The subject property remains in excellent condition due to an ongoing capital improvement plan and renovations completed and maintained including roof replacement, installation of solar panels, completed full bathrooms replaced furniture, mattresses, bed frames on 33 rooms with the final 13 currently completing in upcoming weeks. Air conditioning units replaced along with room flooring, electrical lines rerun and installed new electric panels.