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| Crystal Casino Hotel, Compton City, CA |
COMPTON, Calif.,
Feb. 4, 2013 – Marcus & Millichap Real Estate Investment Services, the
nation’s largest real estate investment services firm, has arranged the sale of
the Crystal Casino Hotel, a 250-room full-service hotel and casino in
Compton, Calif. The sales price of $16.5 million represents $66,000 per room.
Gordon
Allred, vice president investments and senior director of the firm’s
National Hospitality Group in Ontario,
Calif., represented the seller, a regional casino operator. The buyer is an
investment group based in China.
“In an
unusual and mutually beneficial arrangement, the seller will lease back the
entire ground floor of the hotel and retain operation of the casino, restaurant
and bar,” says Allred. “The buyer, meanwhile, should be able to realize
substantial upside potential through improved management and renovation of the
hotel lobby, the guestrooms and the meeting space.”
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| Gordon Allred |
Located
at 123 East Artesia Blvd. in Compton, the nine-story hotel and casino is
situated on 15 acres along the Alameda Corridor between Long Beach, Calif. and
Los Angeles in the center of Los Angeles County.
Crystal
Casino Hotel is comprised of eight floors with 250 keys above the ground floor.
The property includes approximately seven acres of excess commercially zoned
vacant land for future development. The hotel business is closed during the
renovation while the casino and restaurant remain open. Reopening of the hotel is scheduled for the
summer of 2013.
Contact:
Public Relations
(925) 953-1716
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