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The Real Deal Los Angeles

Posts Tagged ‘hotels’

  • That was quick: Host Hotels buys W Hollywood Hotel for $220M

    REIT nabbed the property shortly after launch of marketing efforts: report
    March 08, 2017 04:15PM

    W Hotel Hollywood (via We First)

    That didn’t take long.

    A joint venture between HEI Hotels & Resorts and Gatehouse Capital was just launching efforts to market the W Hollywood Hotel when Host Hotels & Resorts made an offer that could not be refused. [more]

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  • Iconic Sunset Tower Hotel in WeHo could fetch $90M: sources

    Hotelier Jeff Klein seeks record price for celeb hangout
    February 23, 2017 07:43PM

    From left, Jeff Klein, the Sunset Tower Hotel and Rachel Zoe on the night of her show there (Getty, JK Hotel Group)

    Updated: Friday, February 24, 2017, 2:23 p.m.: It’s the hotel where Katy Perry first went public with new boo Orlando Bloom; where Jerry Hall flashed the engagement ring Rupert Murdoch gave her at a Golden Globes party; and where Rachel Zoe recently presented her latest collection to a party of guests that included Emma Stone, Selena Gomez and The Weeknd. Now, its owners are looking to take that seen-and-be-seen cache to the bank. [more]

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  • Beijing investment firm nabs San Pedro hotel for $27M

    The 244-room hotel last traded for $16.75M in 2013
    February 07, 2017 12:30PM

    The Crowne Plaza Los Angeles Harbor Hotel at 601 South Palos Verdes Street (Credit: LoopNet)

    SPF Capital Real Estate, an entity linked to a small investment firm based in Beijing, has purchased the Crowne Plaza Los Angeles Harbor Hotel in San Pedro for $26.9 million, or about $110,000 per key, The Real Deal has learned.

    The seller is a limited partnership, Profficient Hotel, which appears to be an umbrella for several different Los Angeles-based investors. [more]

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  • Ktown restaurateur plans 16-story hotel and condo development

    Chul Heay Shin runs Myung Dong Kyoja restaurant on Wilshire
    January 24, 2017 02:05PM

    Site at 3800 West 6th Street (Bibimbap and steamed dumplings c/o Myung Dong Kyoja)

    The Line may soon have some competition. A local restaurateur filed plans Monday for a 16-story hotel and condo tower on the corner of Sixth Street and Hobart Boulevard in Koreatown, planning documents show.

    The owner of the one-acre site at 3800 West Sixth Street is an entity linked to Chul Heay Shin, the owner of Myung Dong Kyoja, a Korean restaurant just two blocks down the street. The restaurateur is also affiliated with the now-shuttered Q Sports Bar on Harvard Boulevard, CoStar shows. [more]

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  • Dream Hotel targets Hollywood for the young and unmarried

    Chief Development Officer David Kuperberg on plans for new LA project and Peter Gatien lawsuit
    October 21, 2016 12:00PM
    A rendering of the Dream Hollywood and David Kuperberg

    A rendering of the Dream Hollywood and David Kuperberg

    When Dream Hotel Group’s chief development officer David Kuperberg left Los Angeles for New York 18 years ago, he left behind a very different City of Angels.

    “Culver City was nothing,” Kuperberg said. “Santa Monica’s Third Street promenade was just starting. Venice, Hollywood, Downtown, those are places you wouldn’t have dreamed of spending time in.”

    Now Kuperberg is betting on those markets, starting with the 179-key Dream Hotel Hollywood, which is slated to open in 2017. We chatted with Kuperberg about the New York brand’s expansion, homelessness in Hollywood and being sued by Peter Gatien. [more]

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  • Airbnb is no threat to LA hotel market: report

    Number of short-term rentals is growing, but so is the average daily hotel rate in La La Land
    September 27, 2016 12:00PM
    Waldorf Astoria rendering

    A rendering of the Waldorf Astoria hotel in Beverly Hills (via Oasis West Realty)

    Despite forecasts that Airbnb will hinder the hospitality industry, hotels are actually flourishing in Los Angeles, according to a recent Moody’s report.

    The onslaught of Airbnb listings, which now tally to over 2 million worldwide from just 300,000 in 2014, could drag national hotel occupancy down by 1 percent in 2017, the report forecasted. But that may not be the case in La La Land, where the average daily hotel rate rose 7.5 percent in 2015 and more than 9 percent in the first eight months of 2016, the same analysis found. [more]

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  • HotelTonight, after rough patch, plans to go public

    Hotel booking startup's IPO slated for late 2017
    August 25, 2016 10:00AM
    Hotel listings on Hotel Tonight

    Hotel listings on Hotel Tonight

    From the New York website: Hotel booking startup HotelTonight is going public. [more]

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  • Another hotel could rise in the heart of Koreatown

    Pak Kyong Trust is planning a 110-room hotel on South Harvard Boulevard
    August 19, 2016 01:00PM
    The site at

    The site at 679 South Harvard Boulevard

    The Pak Kyong Trust, a prominent family trust which owns several properties around the intersection of Wilshire Boulevard and Western Avenue, recently submitted plans to build a 110-room hotel in Koreatown.

    The site at 679 South Harvard Boulevard is currently occupied by a parking lot, property records show. The trust submitted a request to the city for a zoning change in order to build the 64,763-square-foot hotel, which would include a restaurant and bar on the second floor.

    [more]

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  • Chinese buyer acquires Holiday Inn near LAX for $52M from CIM Group

    Investment is subsidiary of Esong Group’s first hotel purchase in the states
    July 22, 2016 04:00PM
    The Holiday Inn LAX (via IHG) and, from left: Benjamin Zhang og U.S. OCG; Zhouyun Wang, Chairman of Esong Group; Congresswoman Judy Chu; Don Li of Interstate Hotels & Resorts; Jackie Lee of Interstate Hotels & Resorts (vi PRN)

    The Holiday Inn LAX (via IHG) and, from left: Benjamin Zhang of U.S. OCG; Zhouyun Wang, Chairman of Esong Group; Congresswoman Judy Chu; Don Li  and Jackie Lee of Interstate Hotels & Resorts (vi PRN)

    A new Chinese buyer just entered L.A.’s hotel market.

    US OCG Inc., a subsidiary of China-based Esong Group, bought the 405-key Holiday Inn near Los Angeles International Airport for $52 million from CIM Group. [more]

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  • Woodridge Capital’s $2.5B Century Plaza project scores $1B construction financing

    Development of 400-key hotel, two resi skyscrapers and 100,000 sf of retail will break ground later this summer
    July 08, 2016 12:00PM
    A rendering of the Century Plaza project in Century City (via Next Century Partners)

    A rendering of the Century Plaza project in Century City (via Next Century Partners)

    The $2.5 billion redevelopment of the Century Plaza Hotel secured its construction financing this week.

    The roughly $1 billion in dough came from a consortium led by a $446 million senior loan from J.P. Morgan Chase, $120 million in mezzanine financing from an investment vehicle managed by Colony Capital and $450 million of EB-5 financing from an LLC dubbed CMB Export. [more]

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