TMG Brokers $16M Sale of Avila Beach Hotel Property
Costa Mesa, CA-based multifamily brokerage firm The Mogharebi Group (TMG) has arranged the sale of the Inn at Avila, a 32-room beachfront hotel property in the Central Coast city of Avila Beach, CA. A Los Angeles-based private investor purchased the hotel from an undisclosed seller for $16.25 million.
The Inn at Avila Beach is a unique, 53-year-old property that offers eight different room types ranging from a modern spa suite to the exclusive “owner’s suite.” Many of the rooms have been recently upgraded with hot tubs, fireplaces and canopy beds. In addition, the property features a rooftop coffee house and a grilling area.
“Boutique hotels typically do well along California’s Central Coast and the Inn at Avila is well ahead of the curve,” said TMG’s Ben Ketel who represented the seller. “The buyer was attracted to the hotel’s average daily rate, approximately $100 ahead of the competition, and its average annual occupancy is better as well.”