Alon Abady has been revealed as the buyer of the 295-key Sofitel in Beverly Hills, The Real Deal has learned.
Abady manages a limited liability company called 5th Gear III, which purchased both the ground and the leasehold interest in the property at 8555 Beverly Blvd. from Chicago-based GEM Realty and two separate family investors, sources told The Real Deal. The deal closed on Wednesday. Accor will continue to manage the property.
A sale price was not immediately disclosed, but sources said Abady spent $44 million on the leasehold interest and $52 million for the ground, bringing the total price to $96 million. TPG Real Estate Finance Trust arranged senior debt for the acquisition, but declined to comment further on the deal.
Abady also is a managing partner at investment firm Waterfall Bridge Capital, also in Beverly Hills. He owns a number of retail and commercial properties across Los Angeles, records show, and purchased a 9,600-square-foot home in Beverly Hills for $25 million last year from music producer and reality TV star Simon Cowell.
The Sofitel sale is one of the largest hotel deals in Los Angeles this year. The J.W. Marriott Le Merigot in Santa Monica and the LAX Hyatt Regency were previously the priciest hotel sales in L.A. this year, each selling for $75 million.