The Real Deal Los Angeles

Chateau Group buys hotel site in Arcadia for $47M

Seller Continental Assets Management once planned two Marriott towers on property
By Hannah Miet | January 17, 2017 07:13PM

Santa Anita Inn (via santaanitainn.com)

An aging hotel near the Santa Anita racetrack, which opened its doors in 1955, has new owners.

An entity affiliated with developer Chateau Group has purchased the 100-key Santa Anita Inn at 130 West Huntington Drive in Arcadia for $47 million, property records show.

Arcadia-based Chateau, which develops residential and hotel properties, paid the seller, Continental Assets Management, $514 a square foot  ($470,000 a room) for the property. Chateau and Continental could not immediately be reached for comment.

Continental owned the site for more than 18 years, and had long planned to replace the Santa Anita Inn with two larger Marriott hotels, but the plans never came to fruition.

Chateau’s portfolio includes the Province, a mixed-use condo project in San Gabriel that is expected to be completed this spring, according to its website. It is not affiliated with the famed Chateau Marmont.

Continental owns a strip mall in La Puente and a multifamily building in Glassell Park.