Nrupenbhai & Jatinbhai Patel Acquire Ontario Hotel For $16M | 231 North Vineyard Avenue | State Bank of India | Hotel | Sale

Summary

Sale

CALIFORNIA

Hotel

53,820 sqft

A 120-room hotel located at 231 North Vineyard Avenue in Ontario has been sold for $16 million. The property offers furnished units, amenities, and convenient access to major highways and nearby attractions. The hotel has a total square footage of 53,820, resulting in a price per square foot of $297. The transaction took place on September 14, 2023, in the Ontario market.

Summary of Transaction Details:

Property Type: Hotel
Transaction Amount: $16,000,000
Address: 231 North Vineyard Avenue, Ontario
Market: Ontario

Nrupenbhai and Jatinbhai Patel acquired the hotel through their entity. They secured financing of $10.38 million from State Bank of India for the purchase. The involvement of a lender indicates the financial aspect of the transaction. Despite the decline in hotel sales across California, the Patel's entity saw the potential in this property with its desirable features and location.

Players

All
1

Lenders
1

State Bank of India

Details

Deal Summary

SOLD

IMAGE: 09/14/2023 ADDRESS: 231 North Vineyard Avenue MARKET: Ontario ASSET TYPE: Hotel BUYER: Nrupenbhai & Jatinbhai Patel LENDER: State Bank of India (@theofficialsbi) SALE PRICE: $16,000,000 KEYS: 120 ~ PPK: $133,333 SF: 53,820 ~ PPSF: $297 NOTE: Nrupenbhai and Jatinbhai Patel's entity purchased a 120-room Ontario hotel for $16 million with $10.38 million in State Bank of India financing. Despite a decline in hotel sales across California, this property offers furnished units, amenities, and easy access to major highways and nearby attractions.

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Address231 North Vineyard Avenue

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