HVS Brokerage & Advisory announces the sale of the 74-key Lulu Silver City, located at 3420 Highway 180 East, Silver City, New Mexico 88061.
The hotel property, built in 1967, was sold via an online auction on Ten-X. It was purchased by Nanak Hotel LLC, based in Tracy, California, from Lulu Silver City LLC, based in Los Angeles, California.
Luigi Major, an owner of Lulu Silver City LLC, commented, “The HVS team, including Eric Guerrero and James Rebullida, did a fantastic job of marketing the asset and presenting the story of its potential. Given that the property was newly renovated, with the hotel having recorded month-over-month increases in revenue, it was essential that the asset’s ramp-up was highlighted to potential buyers. In the end, the HVS team secured an out-of-state buyer who made a preemptive offer and culminated the process with a 61-day start-to-finish closing! Very pleased and impressed!”
The retro-chic property benefits from its strategic location along U.S. Highway 180, the city’s primary throughway, and is situated less than two miles from Downtown Silver City and its Arts District. The newly renovated hotel’s ramp-up period has already begun, with rooms revenue up 223% in the year-to-date July 2022 period, compared to the same period last year. The hotel is on pace to achieve over $1 million in rooms revenues this year.
“This was another success story with the Ten-X platform. Through its global marketing channels, we received a good response with multiple registered bidders. Prior to the auction beginning, one of the registered bidders made a preemptive offer and closed the transaction in less than 15 days. When putting a listing on Ten-X, it requires a broker who is very proactive in making calls and conducting follow-ups with all leads. We pride ourselves in our forward-thinking marketing approach and look forward to our next Ten-X deal,” said James Rebullida, Vice President of HVS Brokerage & Advisory.
HVS Brokerage & Advisory team members Eric Guerrero, James Rebullida, Fadi Rawashdeh. and Kyle Peterek participated in this transaction.