towneplace suites newark california
Moody National REIT I, Inc. Completes Disposition of TownePlace Suites Newark, CA for $24,500,000
Moody National REIT I, Inc. | September 16, 2015
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 S...
