Jagesh Patel, Mihir Patel & Mayank Patel Of Saffron Hotels Acquire Package Deal In Bakersfield And Visalia For $39M

The transaction involves a package deal of two properties located at 8227 Brimhall Road and 5625 West Cypress Avenue, situated in the Bakersfield and Visalia markets. The properties encompass a total square footage of 120,728, with a per square foot price of $323. The deal was executed for a total amount of $39,000,000 and includes 204 keys, resulting in a price per key of $191,176.

Summary of transaction details:

• Property Type: Package Deal
• Transaction Amount: $39,000,000
• Address: 8227 Brimhall Road & 5625 West Cypress Avenue
• Market: Bakersfield & Visalia
• Square Footage: 120,728
• Price per Square Foot: $323
• Keys: 204
• Price per Key: $191,176
• Buyer: Jagesh Patel, Mihir Patel & Mayank Patel - Saffron Hotels
• Seller: Alfred Chang & Tharaldson Hospitality
• Brokers: Kal Patel & Cameron Mahoney - Colliers

The key individuals involved in the transaction include Jagesh Patel, Mihir Patel, and Mayank Patel representing the buyer, Saffron Hotels. The selling parties are Alfred Chang and Tharaldson Hospitality. The brokers facilitating this deal were Kal Patel and Cameron Mahoney from Colliers, who represented the transaction effectively.