Simon Baron Development Acquires Ground Lease on Stay on Main Hotel in Downtown LA
LOS ANGELES — Simon Baron Development has acquired the ground lease on the 600-room Stay on Main Hotel in downtown Los Angeles for an undisclosed sum. The hotel is located at 640 S. Main St. Simon Baron plans to institute a capital improvement program and reposition the 170,000-square-foot property into a modern mixed-use facility. This acquisition is the developer’s first foray into the West Coast, and represents the firm’s first project in California. Ben Reznik of Jeffer Mangels Butler & Mitchell LLP represented Simon Baron in the deal. David Swartz of CGS3 represented Simon Baron in the ground lease. 248 Haynes Hotel Associates LLC was the seller. HKS Capital provided financial advisory services to Simon Baron.