UK developer pays $127M for Marina del Rey hotel

Property well-placed as Silicon Beach expands

Los Angeles /
May.May 07, 2018 12:08 PM
Hotel MdR at 13480 Maxella Avenue

A U.K.-based developer has splashed down in Marina del Rey.

London & Regional Properties bought the Hotel MdR this month from Channel West Group for $127 million, according to CoStar. The 238-key hotel sits on just under five acres outside the neighborhood’s namesake marina.

The hotel is currently branded as a DoubleTree, a franchise owned by Hilton. Channel West Group — a joint venture between Beverly Hills-based Arris Investments and San Clemente’s Evolution Hospitality — renovated and rebranded the hotel from a Courtyard by Marriott. The joint-venture purchased the hotel the year before for $52.5 million.

London & Regional took out a five-year floating-rate mortgage with a German lender, Dallas-based brokerage HFF Inc., HFF told the Los Angeles Business Journal. HFF Managing Director Scott Hall said the hotel’s proximity to Silicon Beach is part of its appeal, and that “it will continue to benefit from continued demand growth and very little new competitive supply.”

While most tech companies are concentrated in Santa Monica, Venice and Playa Vista, some big names are making moves into Marina del Rey as well. Tesla signed a 131,000-square-foot lease at the former Omnicom building on Alla Road, less than a mile from the Hotel MdR.

The Hotel MdR property is well-placed as prime real estate is scooped up, redeveloped, and leased in many of Marina del Rey’s neighboring communities, including Playa Vista to the east. Facebook is in advanced discussions to lease around 122,000 square feet at the Tishman Speyer-owned Brickyard campus there. Google will move into the cavernous, 319,000-square-foot Spruce Goose aircraft hangar this fall.

Of course, developers are coming too. Steaven Jones Development Company and Creative Office Properties announced a large mixed-use campus just north of Lincoln Boulevard. It will include 65,000 square feet of creative office space, 49 apartments, and 2,000 square feet of restaurant space.

[LABJ] – Dennis Lynch


Related Articles

arrow_forward_ios
Colton Mayor Frank J. Navarro (City of Colton, California)
Colton to extend moratorium on distribution warehouses
Colton to extend moratorium on distribution warehouses
Red Mountain Retail Group's Michael H. Mugel with 11901-12089 Central Ave (Red Mountain, Newmark, iStock)
Red Mountain goes shopping for retail in Inland Empire
Red Mountain goes shopping for retail in Inland Empire
3440 Lomita Boulevard (Loopnet)
Cedars-Sinai buys medical office building in South Bay
Cedars-Sinai buys medical office building in South Bay
GI Partners' Rick Magnuson and One Wilshire (GI Partners, One Wilshire)
Here’s how much tenants are paying at One Wilshire in DTLA
Here’s how much tenants are paying at One Wilshire in DTLA
Link Logistics' Luke Petherbridge with 5200 Sheila Street (Link Logistics, iStock)
Aerospace outfit leases 115K sf warehouse in Commerce
Aerospace outfit leases 115K sf warehouse in Commerce
Bicycle Hotel and Casino (google Maps, iStock)
Investor scores $210M for Bell Gardens casino deal
Investor scores $210M for Bell Gardens casino deal
Dollinger Properties' Dave Dollinger and Plaza at Golden Valley mall (Crexi, Getty Images)
$54M for Santa Clarita retail center
$54M for Santa Clarita retail center
1633 Victory Boulevard, Glendale and Senior Planner at City of Glendale Dennis Joe (Google Maps, LinkedIn)
New owner wants to enlarge controversial Glendale hotel project
New owner wants to enlarge controversial Glendale hotel project
arrow_forward_ios

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

Loading...