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Manhattan Beach Hotel Sells for $68M

HANNAH WELK | MARCH 22, 2024 The Residence Inn in Manhattan Beach has sold for $68 million. Jones Lang LaSalle Inc. represented the seller, Washington Holdings, in the offloading of the 176-room property. Land and Houses USA Inc. purchased the asset. Twenty Four Seven Hotels will manage the property. “The addition of Residence Inn by Marriott Manhattan Beach to our portfolio…
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Westbrook Partners defaults on loan tied to San Francisco Four Seasons

By Sarah Klearman and Alex Barreira – San Francisco Business Times | Mar 14, 2024 Updated Mar 14, 2024 5:50pm PDT This week Westbrook Partners was served a notice of default for a $72.5 million loan tied to 222 Sansome St., the home of the Four Seasons San Francisco at the Embarcadero. Westbrook, which acquired…
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Park Hyatt Los Angeles Unveils $14 Million Renovation Amid Sale Speculation

Sumitomo Realty & Development completes a $14 million renovation of the prestigious Park Hyatt Los Angeles, sparking market speculations and impacting the hospitality industry. Sakchi Khandelwal |  28 Feb 2024 14:29 EST Sumitomo Realty & Development has recently completed a lavish $14 million renovation of the Park Hyatt Los Angeles, a landmark hotel situated in…
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San Diego sets record on price paid last year for luxury resort. So why the grim news for hotel sales?

Similar to what’s happening in the housing market, high interest rates are depressing the volume of hotel sales, which in San Diego County recorded their second biggest decline in 15 years. BY LORI WEISBERG | FEB. 29, 2024 5:30 AM PT San Diego made history last year when the upscale Inn at Rancho Santa Fe sold for…
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Sonoma County hotel sale tops California list for 2023, but plans for new Wine Country rooms remain sluggish

CHERYL SARFATY | THE NORTH BAY BUSINESS JOURNAL | February 19, 2024, 11:58AM Where in California do you think the most expensive hotel sale took place last year? If you said Sonoma County, you would be correct. In September, the Farmhouse Inn, a 25-room luxury property in Forestville, sold for $32 million, commanding $1,280,000 per…
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REAL ESTATEHOSPITALITY REAL ESTATE

Hotel Sales Sustained a Dismal 2023 BY BRYNN SHAFFER | FEBRUARY 19, 2024 California hotel sales plummeted last year, according to Atlas Hospitality Group, which recently released its 2023 end-of-year hotel sales survey. “The big jump-out is the dramatic or steep decline in number of transactions and dollar volume,” said Alan Reay, president of Atlas Hospitality Group,…
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