San Diego-based Trigild and Blu Hotel Investors of Santa Barbara have completed a $16.5 million acquisition of a 100-room Holiday Inn Express & Suites in Santa Cruz.
Officials said Trigild, a real estate services firm with past experience in the hospitality industry, has taken charge of daily management of the three-story property at 1410 Ocean Street. The hotel was built in 2009 and is located near University of California, Santa Cruz.
The hotel has been nearly sold out nightly since escrow was recently closed, and the acquisition meets Trigild’s criteria for investing in high-barrier-to-entry markets with premium brands, said Trigild President Judy Hoffman.
The purchase marks the second joint acquisition of the alliance between Trigild and Blu Hotel Investors. The two companies last year acquired a Hampton Inn & Suites in Santa Ana.