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Private firm buys Embassy Suites

Posted: May 31, 2012 1:55 a.m.
Updated: May 31, 2012 1:55 a.m.

The Embassy Suites Valencia hotel was sold May 17, according to General Manager Ron Carter.

 

The Embassy Suites Valencia hotel was sold May 17, according to General Manager Ron Carter.

Built in 2007, Cerberus Capital Management LP sold the 156-room Embassy Suites Valencia hotel to Newport Beach-based private investment firm Clearview Hotel Capital LLC, Carter confirmed.

The sale was for $19.6 million, according to an online commercial real estate news site.

“It will remain an Embassy Suites,” Carter said. “There’s no change in operations at the hotel. It’s business as usual.”

The only change is in ownership, he said. The management team and staff remain the same.

The hotel was purchased in an auction June 2011 as part of a group of 64 hotels owned by Innkeepers USA. Cerberus and Chatham Lodging Trust purchased the cluster of hotels from bankruptcy in a deal reported to be $1.13 billion.

The Embassy Suites Valencia hotel was an attractive property for the buyers, Carter said.

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