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California  + San Diego  + Hospitality  | 
Hotel Occidental Procures New Owner in $6.5M Deal Marcus & Millichap

Hotel Occidental Procures New Owner in $6.5M Deal

Marcus & Millichap has arranged the sale of Hotel Occidental, a 55-unit, single-room occupancy (SRO) Hotel property in San Diego, CA. The asset, located at 410 Elm St., changed hands for $6.5 million.

The two-story building is a hybrid property that combines modern amenities and stylish decor with old-world charm. The result is a comfortable and affordable solution for both overnight and extended-stay guests. A redesign in 2005 has given the hotel a contemporary Euro-style look with four versatile room types.

Marcus & Millichap’s Aaron Bove out of the San Diego Del Mar office had the exclusive listing for the seller and also secured the buyer. “Hotel Occidental is an iconic Bankers Hill property, and its sale represents one of the first closings with bank financing, of an SRO Hotel, since the onset of the pandemic,” said Bove in a news release.

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About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

  • ◦Sale/Acquisition