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Hilton’s DoubleTree in Santa Monica trades for $154M
Hilton’s active year continues in Southern California
It’s been a busy year for Hilton hotel trades in Southern California.
In the latest deal involving the hotel giant, Canada-based hotelier Westmont Hospitality Group and New York-based real estate firm Square Mile Capital Management purchased a 253-room DoubleTree Suites hotel in Santa Monica for $154 million.
At 206,000 square feet, the sale translates to nearly $608,700 per room.
Pennsylvania-based Merion Realty Partners and Rhode Island-based Procaccianti Cos. were the sellers of the eight-story building at 1707 4th St.
The deal, which closed Sept. 28, also included about 32,000 square feet of office space and less than 10 apartments, according to the Los Angeles Business Journal, which reported the news first.
Earlier this year, Woodbine Development Corp. paid $152 million for a DoubleTree hotel in Culver City. Next year, a new Hilton is slated to open in Inglewood.
Natalie Hoberman contributed reporting.