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Luxury Boutique Hotel Portfolio 2 Hospitality Properties Offered at $16,500,000 in Pacific Grove, CA
Investment Highlights
- Beautifully aesthetic and historic property with ocean views and comfortable, modern common areas.
- Both well-maintained properties recently renovated in 2023. Notable property features include multiple patios, balconies, and high-speed internet.
- Best in class occupancy and ADR presenting an excellent investment opportunity.
- Nestled in an excellent location in the scenic Pacific Grove.
Executive Summary
$1,000,000 Price reduction. This portfolio is being offered unencumbered by management, and the prospective buyer is free to self-manage, continue with Four Sisters Inns' exceptional third-party management, or perform a sale leaseback with Four Sisters Inns as a tenant. The proposed purchase price is $16,500,000 for both properties, including the business and all FF&E. The post-close NOI is estimated by FSI to be $1,050,500 trended. The budget takes into account the 2025 budget, adjusted for 2025 wage increases, increased property tax based on the $16.5 mil sales price, and increased property insurance. The trended NOI projection takes into account the trailing 12 months' revenue increases due to the extensive $1,650,000 improvements or roughly 50K per key completed in 2023. The resultant increases in occupancy as well as ADR are both still trending higher.
Property Facts
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
|
Gosby House Inn
643 Lighthouse Ave, Pacific Grove, CA 93950 |
Hospitality | 6,181 SF | 1887 | - |
|
Green Gables Inn
301 Ocean View Blvd, Pacific Grove, CA 93950 |
Hospitality | 2,080 SF | 1888 | - |
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Presented by
CW Land Consultants, Inc.
Luxury Boutique Hotel Portfolio
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