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The Real Deal Los Angeles

Posts Tagged ‘hotels’

  • Local investor buys Claremont Hotel Westwood for $12.25M, will rebrand it as Palihotel

    Shamina Investments will reopen the 1930s-era property next year
    April 26, 2017 11:05AM

    Claremont Hotel Westwood at 1044 Tiverton Avenue and Paligroup founder Avi Brosh (Credit: Claremont Hotels, Getty)

    UPDATED, 2:10 p.m., April 28: Shamina Investments, a Los Angeles-based firm, has snapped up the aging Claremont Hotel Westwood for $12.25 million, its lender, Thorofare Capital, announced Wednesday.

    Shamina, headed by Benjamin Keywanfar, is expected to team up with the Paligroup hospitality brand to renovate the 55-key hotel, at 1044 Tiverton Avenue, and rebrand it as the Palihotel Westwood. Paligroup will manage and operate the new hotel.

    The facility will remain a Claremont Hotel until the rebranding is finalized. The new owner will update the interior of the hotel and pursue other cosmetic updates in the meantime, Keywanfar told The Real Deal.

    [more]

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  • The luxe frontier: Hotel-branded condos

    Barriers to entry are huge — but so is the payoff — for properties that bank on brand recognition
    April 26, 2017 09:30AM

    A rendering of the Four Seasons condo complex planned for Beverly Hills.

    From the April issue: Jonathan Genton is spending a lot of time in the air these days, boarding jets to Jakarta, Riyadh and Beijing. He’s making presentations to hundreds of the world’s wealthy, in the hope that they’ll pony up all-cash deposits for his latest project, the Four Seasons Condominiums in Beverly Hills.

    He was recently approached by a Chinese investor following one such presentation.

    “That’s a fake sky, right?” the investor asked, pointing at the near-cloudless azure depicted in a rendering of the project, which stood in stark contrast to the gray, polluted sky outside the Beijing hotel. Not so, Genton responded. In Los Angeles, the sky is always blue. [more]

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  • St. Louis-based developer behind plan for 88-room West LA hotel

    Site is currently occupied by a vacant senior housing facility
    April 21, 2017 03:00PM

    Lewis Wolff and the facility at 12311 Santa Monica Boulevard

    An entity connected to St. Louis-based real estate developer Lewis Wolff filed plans to build an 88-key hotel in the city Thursday, city records show. [more]

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  • Trump’s travel ban is hurting hotels: Marriott CEO

    Arne Sorenson claims bookings from Middle East, North Africa fell 30%
    April 12, 2017 09:30AM

    Arne Sorenson and the Lotte NY Palace

    From TRD New York: Donald Trump’s travel ban is hurting the hotel industry, according to Marriott International CEO Arne Sorenson.

    The ban, which predominantly affects Muslims, is “not good, period,” Sorenson said at a company gathering in Dubai. He claimed that bookings from the Middle East and North Africa were down up to 30 percent in February.

    Travelers from those regions tend to spend disproportionately higher on hotel bills, the New York Post reports, so their absence hurts hospitality firms’ bottom line. [more]

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  • West Hollywood mayor seeks moratorium on hotel construction

    Lauren Meister plans to ask WeHo council to halt projects until city conducts new study
    March 29, 2017 05:45PM

    Rendering of the Arts Club West Hollywood (credit: Gensler)

    West Hollywood Mayor Lauren Meister is wary of the hotel boom sweeping the city.

    So wary, in fact, that she will bring a proposal to City Council on Monday calling for a moratorium on new hotel development until West Hollywood conducts a study on the economic impacts of a room surplus. [more]

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  • 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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