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The Real Deal Los Angeles

Beijing investment firm nabs San Pedro hotel for $27M

The 244-room hotel last traded for $16.75M in 2013
By Cathaleen Chen | February 07, 2017 12:30PM

The Crowne Plaza Los Angeles Harbor Hotel at 601 South Palos Verdes Street (Credit: LoopNet)

SPF Capital Real Estate, an entity linked to a small investment firm based in Beijing, has purchased the Crowne Plaza Los Angeles Harbor Hotel in San Pedro for $26.9 million, or about $110,000 per key, The Real Deal has learned.

The seller is a limited partnership, Profficient Hotel, which appears to be an umbrella for several different Los Angeles-based investors.

A hotel employee confirmed the change in ownership, though SPF representatives could not immediately be reached for comment.

The four-star hotel, at 601 South Palos Verdes Street, was built in 1990 and has 244 rooms. It spans about 250,000 square feet and sits on a two-acre site.

Profficient acquired the Crowne Plaza hotel for $16.75 million in 2013, property records shows.

SPF, which has partners in Mexico and the U.S., also owns a Best Western hotel just a mile west of Crowne Plaza, at 111 South Gaffey Street, records show.