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GEM Realty, private family investors sells ground and leasehold interest in 295-key hotel
The Sofitel in Beverly Hills has a new owner.
The 295-key hotel at 8555 Beverly Blvd. was sold to an unnamed Beverly Hills-based real estate firm, according to an announcement from law firm Sklar Kirsh, which worked on the sale. Terms were not disclosed, but San Francisco-based TPG RE Finance Trust, TPG’s real estate debt platform, provided financing for the deal.
Chicago-based GEM Realty has owned the leasehold interest in the property since 2007, records show. The firm acquired the interest from French hotel management firm Accor, which still manages the property. GEM Realty did not respond to a request for comment.
A family trust linked to Marcia Schwartz and a limited liability company linked to Jeffrey Mirkin own the ground of the property, according to property records.
Both the ground and the leasehold interest were sold to the same buyer, which is planning to make extensive renovations to the property, Sklar Kirsh’s Andrew Kirsh said.
In August, GEM Realty filed a notice of sale, transferring its retail liquor license for the Sofitel Beverly Hills to an LLC linked to Alon Abady, a managing partner at Waterfall Bridge Capital in Beverly Hills.
A number of large hotels in Los Angeles have changed hands this year, including the 580-key Hyatt Regency at LAX and the 175-key Le Merigot hotel in Santa Monica, which each sold for $75 million.
The Standard Hotel in West Hollywood was recently put up for sale by its owner Rittersbacher Sunset LLC.