Trending
Mani Brothers turns to Northern California with hotel acquisition
Known more for office projects in LA, the firm bought a 205-key Embassy Suites from RLJ Lodging Trust
Mani Brothers Real Estate Group, the commercial real estate firm based in West Hollywood, purchased a 205-unit hotel in Napa Valley as it expands beyond its Los Angeles territory and into the hospitality sector. The company, which has largely focused on office properties, will reposition the hotel into a luxury offering.
RLJ Lodging Trust is the seller of the Embassy Suites Napa Valley, which located at 1075 California Boulevard. The deal closed July 12.
The Mani Brothers are planning on redesigning and renovating the 83,000-square-foot hotel, which was built in the 1980s. Once completed, the hotel will be rebranded as a Curio Collection hotel, the upscale brand of Hilton Hotel and Resorts. It will include a new full-service spa and swimming pool, as well as 54 new hotel rooms.
In Southern California, Mani Brothers has made its mark by acquiring many of the trophy office buildings found on Sunset Boulevard, including the one leased by Soho House, the private club with locations around the world.
Most recently, the company has been investing in Playa Vista’s growing tech hub.
About two years ago, the firm acquired Landing, a Playa Vista office complex leased by WeWork, from Hudson Pacific Properties for $80 million. The 107,000-square-foot office redevelopment is next door to a three-story office building at 12555 Jefferson Boulevard, also owned by the Mani Brothers.
The firm’s Embassy Suites buy marks the third hospitality project. In addition to the wine country location, Mani Brothers also owns 47-room boutique hotel in Malibu’s exclusive Carbon Beach. It is also working on a hotel project in West Hollywood, which is awaiting city approval.
Collectively, Mani Brothers owns and operates roughly 1.3 million square feet of real estate.
Mani Brothers’ foray outside L.A. may reflect a growing trend. Last week, a group of L.A.-based investors paid more than $1 million for a “ghost town” located 200 miles away from the city. They plan on renovating the vacant structures in the historic town into a hospitality-driven complex that caters to weekend getaways and retreats.
Meanwhile, local investors have been increasingly turning to the Coachella Valley and Joshua Tree as high demand for short-term stays has been fueling investment.