Woodbine Development spent $151.5 million to acquire a three-star hotel in Culver City last month, reflecting one of the larger trades in the Westside city in the last few months.
The seller of the DoubleTree by Hilton hotel was Carlyle Group, a private equity firm based in Washington D.C.
The 225,000-square-foot property is located at 616 W. Centinela Avenue, about four miles from the Los Angeles International Airport. It has 375 rooms and 12 stories. There’s also space for 1,400 vehicles.
Patrick Deming and Andrew Holt of Eastdil Secured represented Carlyle. Woodbine represented themselves.
The Los Angeles Business Journal first reported the deal.
Despite a recent uptick in investment in the Westside city, hotels in Culver City are still in short supply. Last year, boutique hotel chain Palihotel announced it would be opening a location in Downtown Culver City at Grifka Group’s property on 3927 Van Buren Place. The 49-room hotel is slated to open later this year. Downtown Culver City’s other option is the Culver Hotel, which costs about $280 per night.
Woodbine, a Dallas-based real estate firm led by John Scovell, owns several large-scale hotels around the country, with a bulk of them based in its home state of Texas. In California, Woodbine owns the AC Hotel Irvine, a 175-room Marriott-branded hotel, as well as the observation deck on the U.S. Bank Tower in Downtown Los Angeles.