The Sherman Hotel at 15485 W. Ventura Boulevard
The Sherman Hotel’s days are numbered. The aging Encino motel, built in 1959, will be demolished as its Irvine-based owner makes plans for a project twice its size.
DKN Hotels filed plans with the City of Los Angeles to raze the 70-key Sherman at 15485 W. Ventura Boulevard and built a 158-key hotel.
DKN bought the property in April 2016 from New York-based Republic Investment Company for $11.4 million, with a $7.4 million mortgage from Preferred Bank.
The Sherman Hotel sits on just under an acre near the Interstate 405 and Route 101 interchange. It was renovated in 2005.
DKN owns a dozen other hotel properties in California, including three other in the L.A. area.
DKN could not comment on its plans for the property, but there’s a good chance it could redevelop the site with a franchise name attached. A number of its existing hotels are franchised, including a Holiday Inn Express in West L.A. and a DoubleTree by Hilton in San Bernardino. The firm faces competition from the recognizable Courtyard by Marriot less than a block away on Ventura Boulevard. [Urbanize] — Dennis Lynch