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.