I was one of ten or so brokers who were called to submit an RFP to list the Bayview Hotel for sale, and based largely on my team’s experience in handling complex projects and other relevant properties in the area such as the leasing of the former Brittania Arms/KauBoi to Parrish Publick House, we were selected for the job.
Next came the fun part of handling the details involved in bringing an historic property with a fair amount of complexity to market. My team got to work, sorting through the clutter and personal effects to be removed before bringing the property to market. After weeks of preparations, we have been able to get the premises presentable for this venerable establishment, which is amongst the oldest in the county and enjoys a central location in Aptos Village with immediate access to the nearby beaches and the trails of Nisene Marks State Park.
A few decades ago, the property was owned by a partnership between a prominent land-use attorney and one of the more successful real estate agents of the day, who moved the building from its original site to the current location, and did a fair amount of upgrading in the process. But through several iterations since then, including a stint on the TV show “Restaurant Impossible”, the establishment had yet to recapture its identity as the heart and soul of Aptos Village, even in the midst of the recent revitalization of the area. This has included the addition of the many new businesses and buildings that now surround it, such as New Leaf, Mentone, Cat and Cloud and Penny Ice Creamery, to name a few.
There are additional challenges in representing a property for sale where the business is not currently operating and is being sold strictly as an asset sale without documentation of prior income or expenses. No representation is made to the status of past or present licenses or operating permits, and any buyer engaged in a contract to purchase the property and its business assets will be advised to confirm with the applicable government agencies whatever steps are needed to bring the hotel, bar and restaurant back to operational status.
In preparation for our scheduled offer review date of October 15, we are compiling multiple reports and disclosures to create an initial information and due diligence package on the property and business assets to be conveyed. Interested parties will be provided with a link to the disclosure file where they can access more detailed information, and once parties access the information they will be notified whenever the file is updated.
During our first week of hitting the market, we have been approached by multiple parties who have had prior interest in the property, along with multiple new inquiries and will do our best to ensure that anyone with a serious interest is given the opportunity to review all available information and submit an offer if they would like to. It is exciting to be part of the process of transitioning the hotel to its next owners who can bring this significant landmark to its full potential in reconnecting to the thriving community that now surrounds it.
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