Mid-century office near LAX to be converted to hotel
The 1964 hotel will have a basement bar and 178 rooms
An mid-century office building near Los Angeles International Airport is getting the hotel treatment.
Santa Monica-based LAX Enterprise LP submitted plans to turn 9800 S. Sepulveda Boulevard into a 178-room hotel, Urbanize reported.
The eight-story hotel was built in 1964 and renovated in 1973. The 2003 sale to LAX Enterprise LP was the only time it changed hands since it was completed, according to property records collected by PropertyShark. It’s appeared vacant since at least 2009.
The property is in prime position for a hotel makeover. It lies near the intersection of Century Boulevard and Route 1 at the end of a string of airport parking lots and hotels along Century Boulevard.
Increased demand for lodgings for travelers, and a handful of major development projects by LAX itself, have spurred investors to build more hotels near the airport.
Earlier this year, a Westside based EB-5 outfit filed plans for two Hyatt-branded hotels around the corner at 5959 W. Century Boulevard. The hotels will replace an office building.
Existing hotels around LAX are trading at high prices as well. A DoubleTree in El Segundo, much further from the airport than any on Century Boulevard, traded for $54 million last year. https://therealdeal.com/la/2017/08/15/umbrella-hotel-group-buys-216-key-doubletree-lax-for-54m-sources/
LAX broke ground on a new $1.6 billion concourse in February 2017, has a request for proposals out to develop 93 acres north of the airport, and has put together an assemblage to redevelop the Manchester Square neighborhood as a transportation hub. The city also approved its People Mover mass transit project — a tram connecting the airport to the Metro. [Urbanize] – Dennis Lynch