Paladin Equity Buys IE Land Parcel for Everhome Suites Hotel
Paladin Equity Capital, a Southern California-based real estate investment and development firm, has purchased 1.72 acres of land in San Bernardino, CA to develop an Everhome Suites extended stay hotel on the site. Progressive Real Estate Partners arranged the $1.85 million transaction, representing the seller NHOS Enterprises.
The site, located at 898 E. Harriman Place, is located in San Bernardino’s Hospitality Lane District. “Hospitality Lane has rightfully become the major hospitality destination for the San Bernardino, Loma Linda and Redlands trade areas. This land acquisition is indicative of the popular trend toward positioning hospitality uses adjacent to retail,” said Progressive Real Estate Partners’ President Brad Umansky who facilitated the deal along with SVP Paul Galmarini. Irish Commercial Brokerage represented the buyer.
The Everhome Suites hotel is projected to break ground this summer and feature 117 rooms. Choice Hotels recently launched the franchise which is specifically designed to accommodate the lifestyle of longer-stay guests.