Hotel in Sacramento Sold for $6.8 Million

The Woodlake Inn, 500 Leisure Lane, Sacramento, has been purchased for $6.8 million by an investment group headed by Los Angeles real estate broker Fred Sands.

The 325-room hotel with banquet facilities for 1,000, situated on a three-acre lake, was last sold, in May, 1983, for $13 million. It has suffered from years of neglect, Sands said, and the new owners plan a $5-million remodeling, redecorating and refurbishing program.