Virk Properties has purchased the 75-room Best Western Plus, located at 9420 NW Vancouver Mall Dr., from Patco Investment Inc. for $4.6 million. The transaction was completed as a CMBS loan assumption.
According to Brian Resendez of Sperry Van Ness-Bluestone & Hockley, who brokered the transaction and represented the buyer and seller, Virk Properties recently moved its operations from California to Oregon to invest in lodging property across the state.
Hotel investment opportunities in the Pacific Northwest and positive trends in the region’s tourism industry prompted the firm to begin operating in Oregon, Resendez said in a press release.
The Best Western Plus is their first purchase in the state of Washington and the company is actively looking for more opportunities throughout the region.
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