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.
Gillian Executive Search is a leader Hospitality, Hotel, Resort Development, Financing, Design and Construction recruiting. www.gessearch.com