HOUSTON, Sept. 15, 2015 — Moody National REIT I, Inc. (“REIT I”) announced today the completed disposition of the TownePlace Suites Hotel in Newark, California, for a final sale price of $24,500,000.
Net sales proceeds from the transaction equaled approximately $17,450,000, providing an approximately 250% equity return to REIT I.
REIT I originally acquired the hotel in June 2014. Moody National Hospitality Management Company managed the asset while also completing a $1.4M property renovation. During the holding period, Revenue per Available Room (“RevPAR”) increased 28.5%.
The TownePlace Suites Newark is positioned on the edge of the Silicon Valley in the San Francisco Bay area of Northern California. The area is home to many of the world’s most innovative corporations, including Google, Apple, TESLA, and Facebook, as well as an array of startup companies.
