March 13, 2017
Long-time stakeholder Jeff Klein is acquiring the Sunset Tower Hotel in West Hollywood, CA. Klein, who already owns nearly a quarter of the 81-room property, is buying out the remaining stake from ER Hollywood for a reported $75 million.
The price would bring the the full value of the property to $95 million, and set a high-water per-key sale mark in WeHo. The deal is in escrow and expected to close in 90 days.
Klein, who serves as managing partner of the hotel located at 8358 Sunset Blvd., initially purchased a stake in 2004 for $18.5 from Argyle Hotel Corp. The 1931 Art Deco landmark property and Tower Bar subsequently emerged as popular celebrity haunts.
JLL’s Jeff Davis handled the deal on behalf of the seller, which acquired its stake in 2015. Klein plans to renovate the hotel’s terrace and guest rooms.
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