Chatham Lodging Trust takes over hotel project in Warner Center

The hotel REIT plans to demolish a 55K sf office building there

TRD LOS ANGELES /
May.May 23, 2018 01:00 PM
5957 N. Variel Avenue, Chatham Lodging Trust CEO Jeffrey H. Fischer

Chatham Lodging Trust has taken over plans to build a hotel in Warner Center, and will raze the existing office building there.

The hotel real estate investment trust proposed a seven-story hotel at 5957 N. Variel Avenue, according to a filing with the Department of City Planning. Located in the Warner Center Business Park, the hotel would include one level of underground parking.

Newport Beach-based Allison Asset Management, the property’s previous owner, had filed plans to build a hotel in 2016. A year later, Allison sold it to West Palm Beach-based Chatham for $6.5 million, property records show.

The entire property encompasses 55,000 square feet, while the existing office building within it is about 14,000 square feet, records show.

Led by Jeffrey H. Fisher, Chatham invests in upscale hotels around the country. Locally, it owns the Hilton Garden Inn in Marina del Rey.

The suburban Valley neighborhood of Warner Center has seen a significant uptick in new construction recently, as both residential and commercial developers seek to invest in the neighborhood. Nearby, a developer is proposing a mixed-use complex that would include multifamily units, offices and retail space on an existing office campus on Variel Avenue.

 

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