DKN Hotels plans 158-key project in Encino, adding to LA portfolio
The company would demolish the existing hotel, adding twice as many rooms
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