Cobby Pourtavosi, an investor turned cannabis entrepreneur, has bought a hotel near LAX for $54.5 million.
Two entities that list Pourtavosi as a manager bought the 549-key Four Points by Sheraton at LAX at 9750 Airport Boulevard earlier this month, public property records filed with L.A. County show. Axos Bank provided a $40.5 million loan in connection with Pourtavosi’s buy.
The deal came to just under $100,000 per room — one of the lowest price points for a hotel near LAX over the last two years.
New America Phoenix, a limited liability company managed by San Marino-based Ruilan Su, sold the property. Su’s entity bought the hotel for about $54 million in 2013.
Pourtavosi runs Capital Insight, an investment firm based in Beverly Hills, and already owns a number of motels across Los Angeles and Orange County. Earlier this year, he spent more than $100 million on four Motel 6 properties across Southern California, records show.
In May entities managed by Pourtavosi bought the Motel 6 in Anaheim near Disneyland and a Motel 6 in Thousand Oaks from G6 Hospitality for a total of $54 million, records show. Both of those purchases were made using loans from Axos Bank.
Pourtavosi also recently opened his own cannabis dispensary at 1155 North La Brea Avenue in West Hollywood, through a partnership with Faring CEO Jason Iloulian.
The duo then sold the equity interests in the dispensary’s holding company to Jay-Z’s marijuana firm The Parent Company for an undisclosed sum.
Investors have flown to pick up hotels near LAX during the last 18 months, as passenger traffic at the airport has increased dramatically.
At least five other hotels near LAX have sold since June 2021. Just this month, El Segundo-based Welcome Group bought the 143-key Hyatt Place at 750 North Nash Street for $49 million, or about $342,700 per room.