Inn Marin in Novato has been sold to a San Francisco-based group of Bay Area hotel operators who are rebranding and upgrading the property.
The buyer of the 70-room hotel at 250 Entrada Drive in Novato on Oct. 19 was D & K Patel 2011 Revocable Trust, led by Dipak Patel and Satish Patel. The sellers were Robert Marshall and John Marshall.
The sale price, estimated to be $12.1 million from public records, works out to about $172,857 per room. The actual price wasn’t disclosed.
The hotel, also home to Rickey’s Restaurant, will be rebranded as Ascend Hotel by Choice Hotels, and upgrades will begin immediately, according to the buyer’s agent, Brian Resendez of SVN Hotels in Portland, Oregon.
The Patels are looking to expand their presence in the region, Resendez said. San Francisco residents Dipak Patel and Satish Patel have 40 years of experience operating Bay Area hotels. They purchased the Hotel Petaluma in 2015.
The sellers were looking for an opportunity to exit the hospitality industry, said John Williams of SVN|Delta Group Realty in Novato. He represented the sellers.
Inn Marin and Rickey’s Restaurant were 10-time winners, most recently this year, of North Bay Business Journal’s Best Places to Work awards.