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Case Studies

PROPERTY: Clarion Suites

Clarion Suites
Size: 164 two room suites Price: $6,445,000.00 Location: Yuma, Arizona


William Meinhold of Swoboda Hospitality Specialists was retained as Listing Agent to negotiate a sale of the Clarion Suites at Yuma, Arizona on a short sale. The property is a 164 two room suites property. The balance on the existing note was $11,600,000.00.


The property sold in 2007 for $14,500,000.00 and had a underlying note with the remaining balance being $11,600,000.00. The revenue on the property had dropped from $4,000,000.00+ to under $2,500,000.00 and had become a non performing property. The lender was willing to settle the note for $5,000,000.00 but required a hard money deposit of $250,000.00 up front.


Find a Buyer that was willing to execute a non contingency Purchase Agreement, paying all cash at close of escrow with a non refundable $250,000.00 deposit.


Secured a Buyer that was knowledgeable of the Property and understood the situation that was willing to execute the required Purchase Agreement and place the non refundable deposit into escrow. This Buyer closed escrow within the required 45 day period, thus enabling us to liquidate the asset under the terms and conditions required by the Lender. The Lender received $5,000,000.00 for the underlying note which allowed the Tenant in Common entity to distribute the balance to it’s partners.


PROPERTY: Best Western Dobson Ranch

Dobson Ranch
Size: 216 Units Price: $14,600,000.00 Location: Mesa, Arizona


William Meinhold of Swoboda Hospitality Specialists was retained as Listing Agent to negotiate a sale of the Best Western Dobson Ranch 216 Unit Hotel in Mesa, Arizona.


The property was located on a ten acre commercial parcel that was a leasehold interest rather than fee simple. The land was owned by a partner in the hotel limited partnership and was very difficult to negotiate with, which made it a real challenge to secure an agreement to be able to put the land and hotel together in a package which would give the new Buyer a fee simple interest.


Complete a close of escrow that would provide both the land and hotel in a fee simple package.


Was able to negotiate a escrow closing that included two separate transactions, with the land being priced at $4,600,000.00 and the Hotel improvements at $10,000.00. Escrow closed simultaneously enabling the purchaser to finalize the transaction in a fee simple package.

PROPERTY: The Suites at Friday Harbor

Size: 125,483 SF Price: $21,800,000 Location: Friday Harbor, Washington


Greg Meinhold of Swoboda Hospitality was hired by the Adelman Family to dispose of the Suites at Friday Harbor. The Property consists of 1 67 unit building and 2 single family houses 1 being used for the managers quarters and on as a suite rental. The 67 unit building was originally developed as an active senior living facility.


The property is on an island with limited tourist season, no brand affiliation limiting reservations and market exposure. Ownership that lives out of state and operated by on site manager. Being on the island without brand affiliation financing the property is not highly likely. Due to the prior use the design is unique and unit mix is odd. The common areas consist of a dining room, lounge, with no provision for a pool, spa, fitness center, or meeting space. Although there was an agreement in place with another property that the ownership had recently sold allowing for the use of the aforementioned items, the franchise companies would not recognize the agreement for branding purposes.


Upon submitting an application and getting a PIP from Best Western we went t work to cost and develop a strategy for the renovation of the asset. This included, a new FFE package, adding gas fireplaces to each suite, remodeling the kitchen areas to provide for an eating bar. Addition of a spa and fitness center, adding a second story in the dining room vaulted ceiling airspace as to accommodate a meeting room. Knowing that most hoteliers at the time were not looking to be involved in the operation of a restaurant, we sought and secured a local restaurateur to lease the Food and Beverage department on a long term lease. This lease added value to the property in the fact that the operator had 4 other successful operations in the city and he lease and guaranteed the lease of the space on a long term basis. Our company not only acted as Broker but as Project Manager of the renovation as well. We were able to deliver the asset at closing newly branded as a Best Western. The property is currently in the Best Western Premire Portfolio. The ultimate buyer came as a client of one of our Southern California agents. The closing was rather complicated as several of the ownership group were located out of the area, one of the individuals signatures even needed to be gotten while in China. We utilized our long term relationship with the National Closing Coordinator at the Nation Title office located in Seattle, who in turn orchestrated several courtesy closings about the country to facilitate a punctual recording of the deed.

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