Crystal Investment Property, LLC is pleased to announce the successful sale of the King Oscar Motel and Conference Center in Tacoma, Washington. Crystal Investment Property, LLC exclusively represented the seller in the sale. Joseph P. Kennedy, President of CIP, worked closely with the Seller, Hokold Development, LLC, and the Buyer to negotiate a mutually acceptable sale.
The Tacoma property closing marks the final sale of the five hotel property, 713 room portfolio of the regional chain of King Oscar hotels sold by Crystal Investment Property. The properties also included a freestanding restaurant and 15,000 sf conference center. Placed on the market in August of 2012, the $23 million portfolio attracted strong buyer interest and saw multiple competitive offers with several of the properties being sold with 2 and 3 back-up offers in place waiting for the opportunity to purchase.
With one exception, all properties have been branded by the new owners. All properties under their new ownership and management continue to enjoy strong market presence due to their exceptional locations and highway visibility.