Trigild and Blu Go for Seconds
Trigild and Santa Barbara-based Blu Hotel Investors acquired the 100-room Holiday Inn Express in Santa Cruz (1410 Ocean St) for $16.5M, the second purchase of their 18-month strategic alliance. (They would have called themselves Blugild, but they got sued by a bluegill fish.) Trigild's taking over the property's management. President Judy Hoffman says the hotel has been booked solid nearly every night since escrow closed. Why they bought it: It's close to the ocean and UC Santa Cruz in a high-barrier-to-entry market.