Lone Star Funds paid $71.25 million for the Westin LAX, The Real Deal has learned.
The Dallas-based private equity firm bought the 747-room hotel from Host Hotels & Resorts earlier this month, records show. The sale price was not previously reported.
Lone Star bought the hotel as part of a larger portfolio acquisition from Host Hotels. It bought five hotels from the Maryland-based REIT for a total of $551 million — $11 million of which went to furniture, fixtures and equipment.
The portfolio also includes The Whitley, a 507-room hotel in Atlanta’s Buckhead neighborhood, the 265-key Westin in Buckhead, the 362-key Marriott San Ramon in Santa Clara and the 324-room Westfields Marriott Washington Dulles in Virginia. The firm announced the deal earlier this month.
The firm is “looking forward to completing the program of renovations already underway” at these hotels, said André Collin, Lone Star’s president of commercial real estate funds.
Though the Westin LAX sale is one of the pricier hotel deals across Los Angeles in recent months, it didn’t reach the price-per-room of a neighboring LAX hotel that recently sold.
In June, the Southwest Carpenters Trust Fund bought the 508-room Hyatt Regency at LAX for $75 million — around $147,600 per room.
The Westin LAX sold for around $95,000 per room.
Still, at $71.25 million, the sale is still one of the largest across Los Angeles this year – following the $96 million deal for the Sofitel in Beverly Hills, the Hyatt Regency at LAX deal and the $75 million sale of the Le Merigot in Santa Monica.