Umbrella Hotel Group buys 216-key DoubleTree LAX for $54M: sources

The sale closed at around $250,000 per key

Los Angeles /
Aug.August 15, 2017 05:50 PM

Umbrella Hotel Group sealed a $54.1 million deal for the newly renovated DoubleTree by Hilton Hotel near Los Angeles International Airport, sources with knowledge of the transaction told The Real Deal. It paid roughly $250,000 per room for the property.

The seller of this seven-story, 216-key property at 1985 E. Grand Avenue is a joint venture between Evolution Hospitality and Argosy Real Estate Partners, according to a release from HFF.

Tony Malk and Scott Hall of HFF represented the seller in the sale. James Fowler of HFF arranged the financing for Umbrella, which included a mezzanine loan with Washington Holds.

The hotel last traded for $33.1 million in 2014. Located near the 105 and 405 freeways, it has around 3,200 square feet of indoor meeting space and an Olympic-sized pool.

Umbrella is mainly controlled by the Goyal family, oil wholesalers for Shell and Chevron. The Umbrella entity primarily focuses on real estate investment in hotel assets, according to a release from HFF.

Evolution Hospitality, launched in 2011, was a former management division for Tarsadia Hotels and currently manages 33 hotels in California. Argosy Real Estate Partners invests in real estate through joint ventures with partners that have local market knowledge, according to the release.


Related Articles

arrow_forward_ios
OC Health Care Agency's Dr. Clayton Chau (Getty)
OC Health Care Agency chooses contractor for $78M HQ in Irvine
OC Health Care Agency chooses contractor for $78M HQ in Irvine
A photo illustration of MemorialCare Health's Barry Arbuckle along with the current site at 654 Camino De Los Mares in San Clemente (top) and a rendering of the planned senior housing redevelopment (bottom) (Getty, Google Maps, MemorialCare Health)
MemorialCare to convert shuttered San Clemente Hospital into senior housing
MemorialCare to convert shuttered San Clemente Hospital into senior housing
8209 Sepulveda Boulevard in Los Angeles (Google Maps, Getty)
Nonprofit to build 91-unit apartment complex in Van Nuys
Nonprofit to build 91-unit apartment complex in Van Nuys
Real Estate Development Associates' Jason Krotts and Bill Goltermann; South Ontario Logistics Center, Euclid and Merrill Avenues, Ontario (Real Estate Development Associates, Getty)
Real Estate Development Associates eyes 2.9M sf warehouse hub in IE
Real Estate Development Associates eyes 2.9M sf warehouse hub in IE
Prologis' Hamid Moghadam and rendering of 1716 E. 7th Street (Prologis, Getty, Jackson Liles)
Prologis to build 8-acre studio production campus in DTLA
Prologis to build 8-acre studio production campus in DTLA
J.P. Morgan's Mary Callahan Erdoes and Water Garden at 1620 26th Street in Santa Monica (Getty, Water Garden LA)
Water Garden asking price: $1.4B
Water Garden asking price: $1.4B
Diane Shammas and rendering of proposed Ford dealership (Pitzer College, Felix Chevrolet, Getty)
Shammas family plans New Ford dealership in DTLA
Shammas family plans New Ford dealership in DTLA
Burnham Ward Properties' Bryon Ward, Bellwether Financial Group's Joe Ueberroth and R.D. Olson's Bob Olson with a rendering of the redeveloped Dana Point Harbor (Burnham Ward, Bellweather Financial Group, RDO Development, Dana Point Harbor Partners)
OC developers unveil “coastal vintage” look for Dana Point Harbor
OC developers unveil “coastal vintage” look for Dana Point Harbor
arrow_forward_ios

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

Loading...