This 172 room hotel was purchased subject to a master lease with University of California at Santa Cruz, which used the property as both student housing and as a conference facility for the Santa Cruz Campus. Seagate purchased this property, which included excess land for development in an “off market” transaction substantially below replacement cost.
The property enjoys very high visibility on a major arterial connecting the intersection of Highways 1 and 17 with the beaches and the famous Santa Cruz Beach Boardwalk.
The property is immediately adjacent to the Santa Cruz County offices, a city park along the San Lorenzo River and a short five minute walk from downtown Santa Cruz. Seagate subsequently sold the property to a hotel operating company.