Kor Group nabs Custom Hotel in Westchester for $33M
Deal was a JV with Goldman Sachs
Kor Group is ordering up room service and footing a bill worth $33 million.
The Venice-based firm acquired the boutique Custom Hotel in Westchester for $33 million, or $132,000 per room.
The deal was a joint venture between Kor Group and Merchant Banking Division of Goldman Sachs, the Los Angeles Business Journal reported.
The 250-room hotel, located at 8639 Lincoln Boulevard, has 7,000 square feet of indoor and outdoor meeting space, a restaurant, a bar and a two-level pool deck. Built in 1968, the hotel was originally designed by Welton Beckett, whose work includes the Capitol Records building and the Pauley Pavilion at UCLA.
Kor plans to upgrade the hotel’s services but its larger plans for the property are not finalized, according to the Business Journal.
“There’s a huge need for design-driven, budget-conscious hotel options on the Westside of LA, where business travelers are looking for easy access to Playa Vista and Silicon Beach, and leisure travelers want boutique options that serve as a gateway to L.A.’s beach communities,” said Brian De Lowe, Kor’s president and partner and president and co-founder of Proper Hospitality.
Kor has also partnered with Goldman on the development of Santa Monica’s Proper Hotel, which is under construction and expected to be completed early 2019. [LABJ] — Subrina Hudson