Moody National REIT Scores Big With California Hotel Sale

Moody National REIT I Inc., a publicly registered non-traded real estate investment trust, entered into an agreement to sell the Silicon Valley Hotel, commonly known as the TownePlace Suites by Marriott Newark/Silicon Valley, to a third-party purchaser for an aggregate sale price of $24.5 million. The Silicon Valley Hotel is located in Newark, California in the San Francisco Bay Area of Northern California. The property was built in 2000 and features 127 suites with fully-equipped kitchenettes, as well as an exercise room, outdoor pool, BBQ area and guest laundry facilities.

The hotel was originally purchased by the REIT last June for $10 million, excluding closing costs. The closing of the sale of the Silicon Valley Hotel is subject to substantial closing conditions. There is no guarantee that the company will complete the sale of the Silicon Valley Hotel on the terms described above, or at all. Also reported by The DI Wire, last week, Moody National REIT I terminated the $1.73 billion purchase agreement it signed in May for a portfolio of 149 limited-service hotels.

Founded in 1996, Moody National Companies has managed more than $2 billion in commercial real estate. As of March 31, 2015, the REIT had raised total gross proceeds including its public offerings and DRIP of $124,490,794.

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