City Of Redlands, Riverside County, And City Of Corona Acquires Hotel In Redlands And Riverside County For $42M

The City of Redlands, Riverside County, and the City of Corona have jointly purchased a hotel property located at 1675 Industrial Park Ave. & 1900 Frontage Rd. in Redlands and Riverside County. This hotel asset was sold on 03/17/2022 for a total price of $42,000,000. The property consists of 152 keys, with a price per key of $276,315.

Summary of transaction details

• Property Type: Hotel
• Transaction Amount: $42,000,000
• Address: 1675 Industrial Park Ave. & 1900 Frontage Rd.
• Market: Redlands & Riverside County
• Keys: 152
• Price Per Key: $276,315

The City of Redlands, Riverside County, and the City of Corona acted as the buyers in this transaction. Their collective purchase signifies a significant investment in the hospitality sector of the market. The acquisition of this hotel property demonstrates their commitment to supporting the local economy and tourism industry.