Developer Izek Shomof buys Inglewood hotel for $18M

The property sits near the under-construction Los Angeles Stadium
at Hollywood Park

Los Angeles /
Oct.October 27, 2017 09:00 AM

The stadium hasn’t even been built yet, but Izek Shomof may have scored a touchdown across the street.

Downtown developer Izek Shomof dropped $18 million for the worn-down Airport Park View Hotel at 3900 W. Century Boulevard in Inglewood, The Real Deal has learned.

The sellers of the 61,400-square-foot hotel are listed as Kuok Cheong Wong, Thomas K. L. Wong, and Kuok Su Wong. The entity first acquired the property in July 2001 for $400,000, records show.

Shomof intends to completely renovate the property — while maintaining the bones — and re-do the pool, common area, lobby, corridor and rooms. The developer said he is still negotiating with a few hoteliers to see who will operate the 180 rooms.

“We are going to bring it up to today’s code and up to today’s style,” Shomof said. “It is going to be one of the nicest projects in the whole area.”

Ramtin Rafiee of BRC Advisors Commercial Real Estate brokered the sale.

Built in 1961, the hotel and motel once operated 175 rooms across three stories. Marketing materials from 2016 suggested a “great renovation opportunity in a desirable location in the midst of a major transformation.”

That transformation in question is the 70,240-seat stadium Stan Kroenke and Stockbridge Capital are building across the street, soon to be the home of the Los Angeles Rams. A 6,000-seat performing arts venue, a 120,000-square-foot casino and 620,000 square feet of retail are planned for the site. Construction is slated for completion in 2020.

Izek Shomof, head of Pacific Investment Group, is no stranger to repurposing dilapidated sites. Just this march, the Israeli developer unveiled his plans to transform the earthquake-ravished Panorama Tower on Van Nuys Boulevard into a live-work complex with ground-floor retail. In September 2016, he filed plans for a 122-unit, mixed use complex at 211 West Alpine Street in Chinatown. Other projects include the revitalization of the Boyle Heights Sears building and the Premiere Towers in the Historic Core.


Related Articles

arrow_forward_ios
11672 San Vicente Boulevard in Brentwood (Google Maps)
Brentwood retail complex fetches $2,000 psf
Brentwood retail complex fetches $2,000 psf
9710 Zelzah Avenue with NMS Properties' Neil Shekhter and Bascom's Derek Chen (top right), David Kim (bottom right) and Jerry Fink (bottom left) 
Shekhter sheds two SF Valley properties for $52.5M
Shekhter sheds two SF Valley properties for $52.5M
The Mix at Harman Campus at 8500 Balboa Boulevard with Shubin Nadal Realty Investors' Bill Shubin and Lonnie Nadal (Shubin Nadal Realty Investors)
44-acre business campus in San Fernando Valley for sale
44-acre business campus in San Fernando Valley for sale
From left: Peter Borzak, CEO, Pine Tree; Todd Minnis, CEO, EB Arrow; 106 South Brand Boulevard (LoopNet, Pine Tree, EB Arrow)
$64M deal for Glendale retail center bodes well for big-box
$64M deal for Glendale retail center bodes well for big-box
An illustration of the Freeway Business Center (Freeway Business Center)
Newport Beach investor gets 709K sf of industrial
Newport Beach investor gets 709K sf of industrial
(Photo-illustration by Kevin Cifuentes)
LA industrial developers turn to office conversions
LA industrial developers turn to office conversions
Netflix co-CEOs Ted Sarandos and Reed Hastings and Denny’s at 1522 Van Ness Avenue (Getty, iStock)
Netflix buys Denny’s restaurant in Hollywood
Netflix buys Denny’s restaurant in Hollywood
(iStock/Illustration by Steven Dilakian for The Real Deal)
Pre-leasing in play as industrial vacancy nears zero
Pre-leasing in play as industrial vacancy nears zero
arrow_forward_ios

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

Loading...