Local investor buys Claremont Hotel Westwood for $12.25M, will rebrand it as Palihotel

Los Angeles /
Apr.April 26, 2017 11:05 AM

UPDATED, 2:10 p.m., April 28: Shamina Investments, a Los Angeles-based firm, has snapped up the aging Claremont Hotel Westwood for $12.25 million, its lender, Thorofare Capital, announced Wednesday.

Shamina, headed by Benjamin Keywanfar, is expected to team up with the Paligroup hospitality brand to renovate the 55-key hotel, at 1044 Tiverton Avenue, and rebrand it as the Palihotel Westwood. Paligroup will manage and operate the new hotel.

The facility will remain a Claremont Hotel until the rebranding is finalized. The new owner will update the interior of the hotel and pursue other cosmetic updates in the meantime, Keywanfar told The Real Deal.

Thorofare Capital provided Shamina a $11.25 million five-year loan to cover the acquisition and redevelopments costs, according to a statement from the lender.

Ram Rafiee from BRC Advisors represented both the seller and the buyer in the transaction. Mission Capital Advisors’ Matthew Polci, Steven Buchwald, and Justin Hunt brokered the loan.

The seller of the Claremont is the Quilico family, which has owned the building since it was built in 1939, records show. The 18,500-square-foot property currently operates as an extended stay facility, according to a Thorofare spokesperson.

Shamina’s renovations will include upgrades to the rooms, as well as the common areas, lobby and exterior.

Paligroup operates four other boutique hotels in the L.A. area, including the Palihouse West Hollywood and the Palihotel Melrose in West L.A.

Keywanfar founded Shamina in 2011, according to the Thorofare spokesperson, and the firm has since acquired a commercial portfolio that spans across the greater L.A. region.


Related Articles

arrow_forward_ios
USPS nears lease for 100K sf distribution center in City of Industry
USPS nears lease for 100K sf distribution center in City of Industry
USPS nears lease for 100K sf distribution center in City of Industry
Renderings of the project and Brookfield Properties Managing Partner and CEO Brian Kingston (Brookfield, Los Angeles Department of Building & Planning)
Brookfield plans 350-unit apartment complex at Northridge shopping center
Brookfield plans 350-unit apartment complex at Northridge shopping center
Renderings of The Star
The Star, a $500M office tower project, looks to light up Hollywood
The Star, a $500M office tower project, looks to light up Hollywood
The Boyd Street fire in May, 2020 (Getty)
LA fire captain sues building, vape shop owners over May 2020 explosion in downtown
LA fire captain sues building, vape shop owners over May 2020 explosion in downtown
(Getty Images)
SoCal’s “Space Beach” is ready for liftoff
SoCal’s “Space Beach” is ready for liftoff
Clockwise from top left: Kilroy Realty CEO John Kilroy, Boston Properties CEO Owen Thomas, TMG Partners CEO Michael Covarrubius and Eastdil Secured CEO Michael Van Konynenburg (Kilroy, LinkedIn via Thomas, TMG Partners, LinkedIn via Van Konynenburg, Getty)
“We gotta get people back to the office”: West Coast landlord execs press for return
“We gotta get people back to the office”: West Coast landlord execs press for return
Oxford Properties CEO Michael Turner and the campus (Oxford)
Oxford moves into LA with $134M industrial buy
Oxford moves into LA with $134M industrial buy
Post-production campus in Burbank sells for $37M
Post-production campus in Burbank sells for $37M
Post-production campus in Burbank sells for $37M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...