Palm Garden Hotel

Highlights:

• Beautifully-Appointed Independent Hotel Framed by Lush Gardens and a Tranquil Courtyard
• Available for Conversion to Tapestry by Hilton
• $2.9M+ Renovation Completed in 2022 | $15M in Renovations Since 2019
• High Additional Revenue from Onsite Selvin's Restaurant & Lounge (Built 2024)
• Conveniently Located Off of U.S. Route 101, Within an Hour of Malibu, Hollywood, and Beverly Hills
• High Barrier to Entry Market
• 1 Mile to AmGen Global Headquarters (~5k Employees | One of the City's Major Employers)
• Surrounded by National & State Parks, Beaches and Several Other Attractions

Description:

Property Tours
Do not contact on-site staff. All property tours must be scheduled through the listing agent. Prospective purchasers are encouraged to visit the subject property prior to submitting offers.

Marcus & Millichap has been chosen to exclusively market for sale the Palm Garden Hotel, a mixed 2- and 3-story resort-style hotel framed by lush gardens and a tranquil courtyard. The hotel consists of 156 total rooms, 141 of which are currently being used. There are 9 rooms that are either vacant or being used as storage that can be converted to usable rooms with little cost. The other 6 rooms are leased out to tenants and an AT&T cell tower site. There has been approximately $15 million in renovations since 2019, including a massive $2.9 million renovation that took place between 2020-2022. The hotel is ideal for a conversion to a franchise such as Hilton or Marriott, with Tapestry by Hilton as an available brand.

Onsite amenities include a heated outdoor pool & spa with cabanas and lounge chairs, patio area with firepits, fitness center with modern equipment, complimentary continental breakfast, and a spacious, well-appointed lobby. Business and event amenities include 14,000 square feet of indoor & outdoor spaces, catering/event planning services, and a business center. Selvin's Restaurant & Lounge offers modern coastal California cuisine in a stylish, yet approachable setting.

The Palm Garden Hotel is conveniently situated off of U.S. Route 101 in Thousand Oaks, less than an hour from Malibu, Hollywood and Beverly Hills. Thousand Oaks is a Southern California city with a strong biotech presence. AmGen, a leading biotech firm and one of the city's major employers, has their global headquarters one mile from the hotel. Fujifilm Diosynth Biotechnologies also recently invested more than $1.2 billion into a manufacturing facility in the city, further enhancing the region's reputation as a life sciences hub.

California Lutheran University and the Los Robles Regional Medical Center are within four miles. Nearby attractions, to name a few, include Conejo Valley Botanic Garden, Gardens of the World, Ronald Reagan Presidential Library, Point Mugu State Park & Beach, and Leo Carrillo State Park & Beach. The property is also a short drive from Malibu, which offers popular attractions such as horseback riding, wine safaris, a state park (~1.6M annual visitors), and beaches. Santa Monica Mountains National Recreational Area, the world's largest urban national park, is located 12 miles away and draws approximately 800,000 visitors annually.

The Palm Garden Hotel represents the opportunity to acquire a renovated, independent hotel in a stable market near several demand drivers. The asset offers a unique opportunity to preserve its independent branding or transition to a premium franchise, unlocking elevated ADR potential and broader distribution. With strong in-place operations, local corporate demand, and a seasoned management team, this property presents multiple exit and growth strategies for investors, operators, and owner-users alike. Our Pro Forma analysis assumes continued modest growth supported by the increasing population and demand growth in the Ventura County region.

Click Here For Offering Memorandum: https://allredhotelgroup.com/?propertyId=ThousandOaksCAPalmGarden

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