La Quinta Inn & Suites Santa Clarita – Valencia has sold to a local private investor for $22 million, according to Atlas Hospitality Group, which arranged the deal.
Atlas Hospitality Group Executive Vice President Oliver Shah and Vice President Robert Feist represented the seller.
Feist, who represented “an institutional investor out of West L.A.,” said the new owner plans to be hands-on. He noted that the sale, at just over $196,900 per key, set “a record price per room for a La Quinta” based on available data.
“There was a significant amount of interest (in this property),” Feist told the Business Journal. “The seller ultimately chose a buyer who was looking to replace a property.”
La Quinta Inn & Suites Santa Clarita – Valencia, which features 112 trooms, including 28 suites, is located at 25201 The Old Road in Stevenson Ranch. The establishment recently completed a substantial renovation, with more than $2.5 million spent on repairs and upgrades.
Driving local demand are such destinations as Six Flags Magic Mountain and Hurricane Harbor, Valencia Town Center and California Institute of the Arts.
“One of the highlights of the investment is that it is a very strong, high-demographic market and that drew a lot of interest to the offering,” Feist said.