Junjian Lushan Lu Acquires University Inn & Suites Hotel In Berkeley For $14.5M From Pradeep K. Khatri

The asset involved in this transaction is a 113-room hotel located at 920 University Avenue in Berkeley, CA. The hotel was acquired for a price of $14,500,000, translating to approximately $128,300 per room. This property is part of the hotel market and was sold by Kubera Hotel Properties, a company in bankruptcy, which had defaulted on a loan tied to the property.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $14,500,000
• Buyer: Junjian Lushan Lu
• Seller: Pradeep K. Khatri - Kubera Hotel Properties
• Keys: 113
• Price per Key: $128,319

This transaction marks a significant move for Junjian Lushan Lu, who successfully acquired the University Inn & Suites from the distressed Kubera Hotel Properties. The sale comes after a previous deal with Goldfin Ventures fell through and is seen as a potential solution for Kubera to avoid foreclosure due to their financial difficulties.