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Two local hotels sold to undisclosed buyer

Posted: August 27, 2014 4:42 p.m.
Updated: August 27, 2014 4:42 p.m.

The Best Western near Six Flags Magic Mountain saw a 17 percent revenue gain and 39 percent net operating profit gain while under Trigild's management oversight.

 

Two Santa Clarita hotels, Holiday Inn Express and the Best Western sitting side-by-side off the I-5 freeway at Magic Mountain Parkway, have been sold for $21 million.

San Diego-based Trigild, a real estate services firm specializing in property asset management and fiduciary services, announced the sale on Tuesday.

The name of the buyer was not disclosed.

Trigild had been appointed as receiver of five hotels, including the two Valencia hotels, by the Superior Court of California on Nov. 22, 2013. The hotels had been held in a family trust.

“As receiver, Trigild obtained court approval to close the sale of the Best Western and Holiday Inn Express properties, despite the objection of a beneficiary of the trust,” said CEO Bill Hoffman.

Trigild would not disclose the reasons why the court placed the hotels into receivership with the hotel property and asset management firm.

Earlier in the year, in a story about the hotels, local attorney Brian Koegle with Poole & Shaffery spoke hypothetically with The Signal to explain why a receiver might be appointed by the courts. Koegle did not have any specifics about the case.

“A court will appoint a receiver when there’s a concern about how assets are being distributed, used or disposed of,” Koegle said.

The receiver physically monitors the operation and manages the revenues that a business will bring in for the courts.

Located on Wayne Mills Place, the Holiday Express has 118 rooms, and the Best Western has 120 rooms.

While under Trigild’s management oversight, revenues at both hotels improved, the company reported.

Best Western saw a 17 percent revenue gain and 39 percent net operating profit gain, while the Holiday Inn Express saw a revenue gain of 10 percent and net operating income gain of 8 percent, Hoffman said.

 

 

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