Ultima Hospitality Sells its Holiday Inn Express Mill Valley in Marin County, CA for $28 million

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. July 21, 2015

Chicago, IL. July 17, 2015 - Ultima Hospitality, an industry-leading investment and hotel management company, in partnership with Argosy Real Estate, today announced the sale of the Holiday Inn Express® in southern Marin County, CA for a sale price of $28 million. Formerly the Larkspur Mill Valley Hotel, Ultima rebranded the 100-room hotel to a Holiday Inn Express in the fall of 2012. As part of the rebranding, Ultima executed a targeted improvement plan including a redesign of all guestrooms, remodeled common areas and extensive improvements to the property's exterior.

Nir Liebling, chief investment officer of Ultima Hospitality, noted "This was Ultima Hospitality's first investment in the Bay Area. In less than three years, our operations team successfully executed on our business plan and created significant value through the rebranding and renovations. This was the right time to exit the investment for our partnership, but we remain strong believers in the long-term outlook for the Bay Area. The greater San Francisco market is a great fit with our strategy to identify and acquire institutional quality, value-add assets in high barrier to entry markets."

For more information on Ultima Hospitality, visit www.ultimahospitality.com.

About Ultima Hospitality

Ultima Hospitality, the hotel investment and management division of Waterton Associates, is a Chicago-based select and full service hotel owner and operator focused on identifying and executing value-add opportunities nationwide. As an approved operator of some of hospitality's premier brands, Ultima focuses on creating the ultimate guest experience while maximizing total return on investment. Waterton Associates is headquartered in Chicago with seven regional offices in the United States and currently manages over $3.8 billion in real estate investments, including Ultima's portfolio of 13 hotels. For a complete list of the company's portfolio along with more information, visit www.ultimahospitality.com.

About Argosy Real Estate

Argosy Real Estate, founded in 1990, specializes in opportunistic real estate investments. Through joint venture structures, Argosy Real Estate partners with entrepreneurial operating partners possessing significant local market knowledge and a demonstrated track record of success. Argosy Real Estate currently has $325 million in equity value of assets under management, serving institutional investors, family offices and high net worth individuals.

About the Holiday Inn Express® brand

Holiday Inn Express® hotels are modern hotels for value-oriented travelers. Fresh, clean and uncomplicated, Holiday Inn Express hotels offer competitive rates for both business and leisure travelers. Guests Stay Smart® at Holiday Inn Express hotels where they enjoy a free hot Express Start™ breakfast bar with new healthier offerings, free high-speed Internet access and free local phone calls (U.S. and Canada only). There are currently more than 2,375 Holiday Inn Express hotel locations around the globe. For more information about Holiday Inn Express hotels or to book reservations, visit www.ihg.com/hiexpress.

Contact:
Melissa Olster
[email protected]
850.421.9007