Hotel off Siegen Lane sells for $3.8M
A Texas investor has purchased the Americas Best Value Inn at 10455 Reiger Road, just off Siegen Lane near Interstate 10, for roughly $3.75 million in a deal that closed Tuesday.
The purchaser is Shree Mahadev of Fort Worth, Texas, and the seller is Shanon Trinh Lieu of Baton Rouge, sale documents says.
Jake Yee, a Marcus & Millichap broker from Ontario, California, represented both the buyer and seller. Yee says Lieu is an old client, who also owns a property in California, and requested his services again to sell the Baton Rouge hotel.
Yee says Lieu decided to retire from the hotel business and sell the 41-year-old Reiger Road hotel, which will continue to carry the Americas Best Value Inn flag.
The two-story hotel sits on nearly 4.1 acres. It has 118 rooms, an outdoor pool and spa, a fitness center and guest laundry.
Yee says the purchase is Mahadev’s first hotel venture. Mahadev has family in Baton Rouge who will run the hotel, Yee says, adding that there are no plans to update the property.
“The hotel is in very good condition. There’s no reason to renovate,” he says.