August 15, 2017
HFF closed the sale of and secured mezzanine financing for the DoubleTree by Hilton Hotel LAX – El Segundo, CA, a 216-room, compact, full-service hotel near Los Angeles International Airport. Umbrella Hotel Group purchased the hotel for nearly $24 million, and was assisted in the sourcing, underwriting and loan assumption by Twenty Four Seven Hotels.
HFF represented the seller, a joint venture between Argosy Real Estate Partners and Evolution Hospitality, and worked on the new owner’s behalf to secure mezzanine financing with Washington Holdings for a term just under seven years, to match the existing senior loan.
The seven-story property is situated on 2.33 acres at 1985 East Grand Ave. Renovations completed in 2016 consisted of a complete reconfiguration and enhancement of first-floor public areas and guestroom upgrades.
HFF’s investment sales and debt placement teams included Tony Malk, Scott Hall and James Fowler.
For comments, questions or concerns, please contact Dennis Kaiser