Nrupenbhai & Jatinbhai Patel Acquire Ontario Hotel For $16M

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.