IRVINE, California–June 27, 2017–Atlas Hospitality Group, the market leader in California hotel sales, arranged the sale of the 46-room Lone Oak Lodge in Monterey, California.
The Lone Oak Lodge sits close to Pacific Coast Highway on the high barriers-to-entry Monterey Peninsula, about two hours south of San Francisco. The boutique property benefits from its proximity to the Monterey Bay Aquarium, Cannery Row, Fisherman’s Wharf and Pebble Beach.
Atlas Hospitality Group Associate Joshua Miehl and Executive Vice President Oliver Shah represented the seller. The buyer was a local private investor.
The Lone Oak Lodge sold for one of the highest prices-per-room on record for Monterey. The total escrow time was only 45 days.
Reflecting on the transaction, Miehl said, “The buyer had a unique opportunity to acquire a boutique hotel in the heart of Monterey. The hotel had never been on the market before; one family had owned it since 1958. Monterey has a moratorium on new hotel construction, making the acquisition and long-term valuation even more appealing.”
