Beijing investment firm nabs San Pedro hotel for $27M

The 244-room hotel last traded for $16.75M in 2013

Feb.February 07, 2017 12:30 PM
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.

Related Articles

5240-5300 West Century Boulevard (Credit: Google Maps and iStock)

Around LAX, office-to-hotel conversions are catching on

LA promo

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!

The sale of the Ace Hotel was the biggest L.A. County hotel buy in 2019 (Credit: Google Maps)

Here are the biggest LA hotel sales of 2019

The Beverly Hills Montage at 225 N. Canon Drive

Qatar-backed hotel firm buys Montage Beverly Hills in record deal

From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Andrew McDonald and At Mateo in the Arts District

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more

3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams

Jason Illoulian and the Cemex plant

Faring makes $30M assemblage play on WeHo/LA border