Price revealed: Lone Star paid $71M for Westin LAX

Host Hotels sold 747-room hotel as part of $551M portfolio

Los Angeles /
Nov.November 17, 2021 12:33 PM
 Lone Star Funds founder John Grayken and Westin LAX (Lone Star, Marriott)
Lone Star Funds founder John Grayken and Westin LAX (Lone Star, Marriott)

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.





    Related Articles

    arrow_forward_ios
    Marc DeLuca, chief executive officer and regional president, Eastern Region; Chuck J. Schreiber Jr., president and chairman (KBS)
    Schreiber gives up corner office at KBS
    Schreiber gives up corner office at KBS
    AEG CEO Dan Beckerman and the Ritz-Carlton and JW Marriott hotels at the complex at 800 West Olympic Boulevard (Getty, Google Maps)
    AEG looks to sell stake in LA Live hotels
    AEG looks to sell stake in LA Live hotels
    Randy Kendrick, chief executive officer, Xebec Realty, and 12975 Bradley Avenue in Sylmar, CA (Xebec Realty, LoopNet)
    Xebec looks to flip Sylmar industrial to self
    Xebec looks to flip Sylmar industrial to self
    The CitizenM hotel in Los Angeles (Booking)
    California starts to refill hotel development pipeline
    California starts to refill hotel development pipeline
    Distress specialist buys Santa Barbara hotel
    Distress specialist buys Santa Barbara hotel
    Distress specialist buys Santa Barbara hotel
    Richard Lovett, co-chairman / agent, motion picture library literary, CAA (CAA)
    CAA picks JMB Realty’s new Century City tower for HQ
    CAA picks JMB Realty’s new Century City tower for HQ
    Kevin Staley, managing partner, Staley Point Capital; Andrew Terris, managing director, real estate, Bain Capital; and view of 12065 Pike Street (Google Maps, Bain Capital, Staley Point)
    Staley Point, Bain spring for beer bash
    Staley Point, Bain spring for beer bash
    Rexford Industrial Realty co-CEOs Michael Frankel and Howard Schwimmer and property at 4240 West 190th Street (Wexford Industrial Realty, Newmark)
    Rexford’s latest in South Bay brings 307K sf
    Rexford’s latest in South Bay brings 307K sf
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...