Bodega Bay as a premier desination
Avatar is a Seattle-based national bridge lender for commercial real estate and provided the funding to develop the Bodega Bay property into a premier destination.
The Bodega Coast Inn & Suites spans six three-story buildings, with 44 guestrooms with a view of the Bodega Bay.
There is also a main building with a hotel lobby, dining and meeting space. All of these are planned to be extensively renovated as part of the funding agreement.
The 31,212-sq.-ft. boutique hotel was built in 1986. Its amenities include a breakfast room, saltwater hot tub, fireplaces in some rooms and 2,100 sq. ft. of event space with views of the Pacific Ocean.
Additional investment forthcoming
The bridge loan carries a 2.5-year term and the sponsor, a repeat Avatar client, plans to invest additional equity to renovate and reposition the limited-service hotel.
“The Bodega Coast Inn & Suites is well located on Bodega Harbor, but like many boutique assets, it could use updating to help it truly shine,” said T.R. Hazelrigg IV, president, Avatar.
“Our borrower is an experienced investor that’s recently wrapped up a similar overhaul on a San Diego boutique hotel. We look forward to seeing a repeat of that success with this property.”
