Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
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Tampa
4890 West Kennedy Boulevard
Tampa, FL 33609
Orlando
300 South Orange Avenue
Orlando, FL 32801
Offices
Hotels & Hospitality Investment Sales
Dan Hawkins
Managing Director
240.204.5139
dan.hawkins@berkadia.com
MD License #SP200201313
Denny Meikleham
Managing Director
617.648.4186
denny.meiklehan@berkadia.com
MA License #9519748
Scott Hall
Associate Director
858.257.4724
scott.hall@berkadia.com
CA License #01917029
Aaron Lapping
Senior Director
858.257.4725
aaron.lapping@berkadia.com
CA License #02027729
John Kluh
Associate Director
301.202.3563
john.kluh@berkadia.com
MD License # 681312
Jake Pietras
Associate Director
410.940.9497
jake.pietras@berkadia.com
MD License #5003787
Justin Storer
Real Estate Analyst
301.202.3542
justin.storer@berkadia.com
DC License #SP40003037
CONTACT Info
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Holiday Inn West Covina (Unencumbered of Brand)
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PREVIOUS
Candlewood Suites Cleveland South – Independence (Dual-Brand)
91
KEYS
2020
CONVERTED
Holiday Inn Cleveland South – Independence (Dual-Brand)
1974
YEAR BUILT
2023
RENOVATED
254
KEYS
SPRINGHILL SUITES FORT MYERS ESTERO
100
GUESTROOMS
2019
YEAR BUILT
HOLIDAY INN EXPRESS NORTH PALM BEACH - OCEANVIEW
108
GUESTROOMS
2024
Renovated
1961
YEAR BUILT
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Property Details
Differentiated submarkets of Southern California with access to the region’s top MSA’s
Collateral properties yielding strong in-place cash-flow with proven historical performance
Unique value-add opportunities
Minimal Encumbrances
Rare opportunity to acquire notes with a clear path to ownership of full-service hotels at a significant discount to replacement cost and comparable sales, and existing UPB
INVESTMENT HIGHLIGHTS
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2
PROPERTY NAME
The Lodge at Big Bear Lake, A Holiday Inn Resort Holiday Inn West Covina
LOCATION
Big Bear Lake, CA West Covina, CA
GUESTROOMS
148
135
YEAR BUILT/Reno
1995/2022 1966/2017
PORTFOLIO overview
Berkadia Hotels and Hospitality has been exclusively retained by the senior note holders (the “seller” or “lender”) for the sale of two independent mortgages secured by the fee simple interest in the 148-room The Lodge at Big Bear Lake, a Holiday Inn Resort and 135-room Holiday Inn West Covina (the “Hotels”, “Assets”, or “Properties”). The notes can be acquired individually or as a portfolio and all offers will be considered by the seller.
With ongoing foreclosure processes, which can each be independently closed as early as March 12th, 2025 or extended in 30-day increments by-right, the note sale offerings represent a unique opportunity for a new owner to capitalize on a clear path to ownership of premier full-service hotels in widely sought-after Southern California submarkets at an exceptionally attractive basis.
With more than 21 million people living within 150 miles of the Assets and 45 million people living within a reasonable drive-to distance, the Hotels boast strategic locations in Big Bear Lake and West Covina. These submarkets draw an array of visitor types from Southern California’s top feeder markets including Los Angeles – host city of the 2028 Olympics – Orange County, San Bernardino County, San Diego, and the Inland Empire, in addition to Las Vegas, NV and Phoenix, AZ. Furthermore, the Assets’ fee simple/non-union tenures with no management encumbrances, coupled with strong in-place cash flows, physical value-add upside, and immediate up-branding/conversion optionality on the Holiday Inn West Covina (currently operating on a temporary license), present a rare and highly compelling investment opportunity. A potential buyer will also soon have the ability to affiliate The Lodge at Big Bear Lake, a Holiday Inn Resort with one of the industry’s leading brands or soft-brands and their extensive global loyalty programs to drive increased market share, or operate the Asset as an independent/lifestyle resort, as the Hotel’s current Franchise Agreement terminates in December 2025.
Berkadia’s marketing campaign is not indicative of a traditional note sale process in which a buyer would need to initiate and complete a foreclosure. The current secured mortgagee is completing the individual foreclosures, and the sale of the subject notes are anticipated to close in a timely manner or in conjunction with the foreclosures, thereby providing the buyer(s) with a clear path to fee title.
EXECUTIVE SUMMARY
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Holiday Inn Express North Palm Beach - Oceanview
Florida
3
SpringHill Suites Fort Myers Estero
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Holiday Inn Cleveland South – Independence (Dual-Brand)
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Candlewood Suites Cleveland South – Independence (Dual-Brand)
OHIO
1
ASSET LOCATIONS
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Candlewood Suites Cleveland South – Independence (Dual-Brand)
Holiday Inn Cleveland South – Independence (Dual-Brand)
OHIO
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Holiday Inn Express North Palm Beach - Oceanview
Florida
3
SpringHill Suites Fort Myers Estero
4
ASSET LOCATIONS
HOLIDAY INN EXPRESS NORTH PALM BEACH - OCEANVIEW
Candlewood Suites Cleveland South – Independence (Dual-Brand)
Holiday Inn Cleveland South – Independence (Dual-Brand)
SpringHill Suites Fort Myers Estero
Premium-Branded Hotel Portfolio | Florida and Ohio Four-PACK
Hotel Investment Opportunity Preferred & Common Equity Capital Raise for the Recapitalization of 14 Marriott and Hilton Branded Hotel Portfolio
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The Lodge at BIG BEAR LAKE,
A Holiday Inn Resort (BRAND/LICENSE TERMINATES DEC. 2025)
WEST COVINA
(Unencumbered of Brand)
Southern California Hotel Portfolio
Hotel Investment Opportunity Preferred & Common Equity Capital Raise for the Recapitalization of 14 Marriott and Hilton Branded Hotel Portfolio
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Highlights
Premier full-service hotels in their respective submarkets with high barriers-to-entry/ minimal new supply
Poised to capitalize on the 2028 Los Angeles Summer Olympics and regional growth trajectory
The Lodge at Big Bear Lake, A Holiday Inn Resort (Brand/License Terminates Dec. 2025)
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THE NOTES CAN BE ACQUIRED INDIVIDUALLY OR AS A PORTFOLIO AND ALL OFFERS WILL BE CONSIDERED BY THE SELLER
HOTELS & HOSPITALITY FINANCING
Scott Hall
Managing Director
858.257.4724
scott.hall@berkadia.com
The Lodge at BIG BEAR LAKE,
A Holiday Inn Resort (BRAND/LICENSE TERMINATES DEC. 2025)
WEST COVINA
(Unencumbered of Brand)