Written by The Business Journal Staff
The motel at 4061 N. Blackstone Ave. was an attractive investment because of the new Super Walmart located across Blackstone as well as the city’s plans to improve Blackstone with bus rapid transit and new fiber optic systems, according to a news release from Stumpf & Co. Real Estate.
The sale price was not disclosed, though it was listed for sale online for as much as $1.9 million.
Alexandra Stumpf represented the buyers — a family that also owns a hotel on Colorado Boulevard in Pasadena. Ron Stumpf represented the sellers.
The buyers plan to renovate the lobby, pool, breakfast area as well as the rooms. The building features nearly 48,000 square feet on 2.7 acres.
Originally built as a Tropicana Inn in 1961, it was known as a higher-end hotel through the ‘70s, though it fell into disrepair as that section of the Blackstone corridor became more known for prostitution and police activity. It later became a Days Inn, and most recently the Knights Inn.
“The property generated a lot of interest from both local and international investors,” according to the new release.