Salt Lake City, UT., Sept. 15, 2021 (GLOBE NEWSWIRE) -- Mountain West Commercial Real Estate, a full-service commercial real estate firm, announces the sale of Olympic Lodge, located in Port Angeles, Washington. The property is located approximately seven miles from the entrance of Olympic National Park, which hosted over 3.2 million visitors in 2019, and only two miles to the Port Angeles Waterfront.
Located off Washington Highway 101 this upper to midscale three-story hotel with 105 rooms sits on a lot size of 2.03 acres. Peninsula Golf Course is located directly behind the hotel with the Olympic mountains. The asset was sold for an undisclosed price under a 1031 Exchange by third-generation family owners of Ayres Hotels who own several hotel properties throughout California.
Owner of Olympic Lodge, LLC Tod McClaskey, sought out hospitality experts R. Michael Francis and Wes Christensen from Mountain West Commercial Real Estate earlier this year to discuss options and what they thought his hotel was worth.
Hotel market transaction volume is up nearly 300% year to date over 2020. The increase in hotel transactions is being driven primarily by private equity groups, as a tremendous amount of capital has been raised to buy up distressed assets over the pandemic. However, those assumed distressed assets haven’t materialized, in fact, according to Wes Christensen, “We’ve done several deals this year where we are receiving offers above asking price in some of our transactions. There have been a few energy pockets that have seen distress, but overall, we aren’t seeing distressed hotels but rather thriving businesses. 2021 pricing has been at or above 2019 levels.”
Sellers that were thinking about selling in 2020, but were deterred by a perceived stigma of selling during a pandemic, are now considering moving to market. Currently, there are more buyers than sellers. Buyers have a tremendous amount of capital to place which is driving up prices throughout the mountain west.
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