The Bandon Marina Inn

Representation: Buyer

Price: $2,055,000

Unit Count: 8

Issue: The asset was underperforming compared to market industry. The current owner received the property in a divorce settlement and was occupying the main suite while managing the rest of the property. She wished to sell to 1031 exchange into a property in San Diego to be closer to family. High DOM made her dream bleak.

Solution: The property was aggressively priced with a lower cap rate, marketing speculative income due to lack of bookkeeping of financials. Our buyers were on the hunt for an underperforming hospitality asset, as they specialized in the boutique space in San Diego and had access to resources, funds, and management to create a great value-add opportunity. Open discovering that the main suite unit was not producing income, we flew them up to put boots on the ground. The asset was truly turn key and needed infrastructure and management to stabilize it. We competed with another out of state buyer but leveraged our front-end efforts of physical visiting before writing and meeting the seller directly and adding an escalation clause to secure the boutique hotel under contract.

We helped advise our clients with the right inspectors and lenders who understood the local market and condition of the property while providing them with local vendors to help maintain the property after close while managing from out of state.

The buyers have since stabilized the asset and have hit projected growths year over year. The Bandon Marina Inn has been showcased nationally on The Price is Right and other media outlets and has been praised for its amenities and hospitality.