OB Hostel Sold for $1.5 Million

by on September 25, 2014 · 7 comments

in Culture, Economy, Environment, History, Ocean Beach

OB Hostel emily fagan

Originally posted Sept. 25, 2014

The rumors proved to be true: the OB International Hostel has been sold!

The iconic hostel – a former hotel – located at 4961 Newport Avenue right smack in the middle of downtown Ocean Beach – was sold to Dr Hostels LLC for $1.5 Million.

The two-story building was built in 1930 and includes 6,016-square-feet on a 7,000 square  foot lot, with 28 rooms.

The seller, John C. Asher, trustee of the John C. Asher Trust, took back a first trust deed for $220,000, a second for $1,055,000 and a third for $405,000. Asher did this as Hostel Group, P.O. Box 33226, San Diego 92163.

Buyer Dr Hostels LLC, has David A. Reuter as the manager, and is headquartered in Boulder City, Nevada (P.O. Box 60965 Boulder City, NV 89006).

We’re sorry tro see Asher depart the premises. He’s been friendly to and supportive of the Village of OB, supported the OB Rag with an ad for a long time, allowed the Peace Sign to be installed on the roof of the hostel, and commissioned the painting of murals on the exterior of  the hostel recently.

We don’t know too much about the buyer, but it appears they’re a small company into hotel real estate and ostensibly hostels – with a name like that. So, at least it’s not going to be a bed and breakfast.  We hope the new owners will follow Asher’s involvement in the community.

Dr Hostels is a California limited liability company incorporated in 2010 with properties in San Francisco – 711 Post Street, 94109 – 6105 – and in Los Angeles – 1624 Schrader Blvd, 90028 – 6214.  And now in OB.

News source: The Daily Transcript (subscription) / Wednesday, September 24, 2014

{ 6 comments… read them below or add one }

Hippie September 25, 2014 at 1:47 pm

Frank- Thanks for a great article and keeping us informed. Let’s hope they keep the exterior intact.

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Wireless Mike September 25, 2014 at 5:16 pm

A lot of history there, and it is an architectural landmark. In the early 1960s my friend’s mom worked there when it was a hotel. I hope the new owners don’t change the character of the place.

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Eric September 25, 2014 at 6:24 pm

A buddy has been staying there and said the room rates went up from about $35 a night to $45/50 a night since the sale.

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George Zimmerman September 25, 2014 at 7:18 pm

knock that piece of sh*t down.

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Mike James September 25, 2014 at 8:51 pm

The hostel was originally The Pearl Hotel built around 1910. I remember when I first moved to O.B in ’76, it was pretty much a “drug” store, amateur pharmacist openly selling their wares on the front porch . We are lucky it found a new life as a hostel. It is another iconic symbol of Ocean Beach.

Reply

Frank Gormlie September 26, 2014 at 10:24 am

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