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Los Angeles

Land and Houses pays $68M for Marriott hotel in Manhattan Beach 

176-key property between LAX and the beach fetches $386K per room

Land and Houses Buys Manhattan Beach Residence Inn for $68M
Land and Houses USA's Sith Chaisurote and Residence Inn Los Angeles LAX/Manhattan Beach at 1700 North Sepulveda Boulevard in Manhattan Beach (LinkedIn, TripAdvisor)

Land and Houses USA has bought a 176-room, Marriott-branded hotel in Manhattan Beach for $68 million.

The Campbell unit of Land and Houses Public Company, based in Thailand, purchased the Residence Inn Los Angeles LAX/Manhattan Beach at 1700 North Sepulveda Boulevard, the Los Angeles Business Journal reported. The seller was Washington Holdings, based in Westwood.

The price works out to $386,364 per room. Twenty Four Seven Hotels will manage the property.

“The addition of Residence Inn by Marriott Manhattan Beach to our portfolio continues the expansion of our management footprint throughout California, offering a model that’s flexible and fast on its feet with unparalleled area operational expertise,” Twenty Four Seven Hotels said in a LinkedIn post.

The two-story white hotel, built in 1985 and renovated in 2012, is 4 miles south of LAX and 1.5 miles from Manhattan Beach Pier, according to its website. It includes a fitness center and an outdoor pool. Rooms range from $179 to $375 a night, according to Travel Weekly.

The seller was represented by JLL, based in Chicago.

Land and Houses USA, led by Sith Chaisurote, was founded in 2012 and has invested more than $700 million in apartments and limited-service hotels along the West Coast, according to its LinkedIn page.

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The sale comes during a tough season for hotel deals in the Golden State and across Los Angeles. 

In California, hotel sales volume has plunged more than 56 percent year over year, according to Atlas Hospitality Group, with the median price per room down 1 percent .

In Los Angeles County, hotel deals declined 55 percent year over year, with the total dollars spent falling nearly 36 percent, Atlas reported.

This month, XLD Group hit a snag on a $130 million loan linked to the Los Angeles Airport Marriott hotel next to LAX. The loan to the Pasadena-based unit of Sichuan Xinglida Group Enterprises, based in China, was put on a servicer’s watchlist for the hotel at 5855 West Century Boulevard, in Westchester.

At the same time, the Cecil Hotel — the Downtown Los Angeles site of mysterious deaths and a Netflix true crime documentary — was listed for an undisclosed price. New York-based Simon Baron Development is selling the ground lease for the 15-story, century-old hotel at 640 South Main Street, which it converted for homeless housing in 2019 for $45 million.

In December, the City of Los Angeles passed a bill forcing hotel developers to replace any homes bulldozed for hospitality suites, one-for-one.

— Dana Bartholomew

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Companies and People
Land and Houses USAWashington Holdings