Hospitality

SANTA MONICA, CALIF. – The 38-room Embassy Hotel in Santa Monica has sold to Lighthouse Investments and Paligroup for an undisclosed sum. The duo worked in partnership with a local private equity firm. The 1927 boutique beach lodge is currently undergoing a renovation that will convert it to the Paligroup’s signature hotel product. It will open as Palihouse Santa Monica this summer. The seller was represented by Rod Apodaca and Bob Kaplan of CBRE Hotels and by Laurie Lustig-Bower and Kamran Paydar of CBRE’s Century City office. Joint venture equity and debt financing, which covered the acquisition and renovation, was facilitated by Tim Meier, Nicholas White and ScottEschelman of Preferred Capital Advisors.

MARINA DEL REY, CALIF. — DoubleTree by Hilton has opened the 277-room Hotel MdR Marina del Rey – a DoubleTree by Hiltonhotel in the Los Angeles beach community. The hotel was formerly known as the Courtyard Los Angeles Marina del Rey before it was purchased by Channel West Group and Arris Investments LLC. It is operated by Evolution Hospitality, which also made an equity investment in the hotel. Preliminary renovations began in 2012, while property renovations are expected to be complete in early 2014. The $7-million renovation will include the addition of six more guestrooms. It is being carried out by architecture firm CMMI.

SANTA MONICA, CALIF. – The 38-room Embassy Hotel in Santa Monica has sold to Lighthouse Investments and Paligroup for an undisclosed sum. The duo worked in partnership with a local private equity firm. The 1927 boutique beach lodge is currently undergoing a renovation that will convert it to the Paligroup’s signature hotel product. It will open as Palihouse Santa Monica this summer. The seller was represented by Rod Apodaca and Bob Kaplan of CBRE Hotels and by Laurie Lustig-Bower and Kamran Paydar of CBRE’s Century City office. Joint venture equity and debt financing, which covered the acquisition and renovation, was facilitated by Tim Meier, Nicholas White and ScottEschelman of Preferred Capital Advisors.

MARINA DEL REY, CALIF. — DoubleTree by Hilton has opened the 277-room Hotel MdR Marina del Rey – a DoubleTree by Hilton hotel in the Los Angeles beach community. The hotel was formerly known as the Courtyard Los Angeles Marina del Rey before it was purchased by Channel West Group and Arris Investments LLC. It is operated by Evolution Hospitality, which also made an equity investment in the hotel. Preliminary renovations began in 2012, while property renovations are expected to be complete in early 2014. The $7-million renovation will include the addition of six more guestrooms. It is being carried out by architecture firm CMMI.

ONTARIO, CALIF. – The 91-room Hampton Inn & Suites in Ontario has sold to I.O.W., LLC for an undisclosed sum. The hotel is located off Interstate 10 and sits adjacent to the Ontario Mills shopping center. The new owner plans to renovate the property. The seller, MLQ-MLL, LLC, was represented by Michael Blahosky of HREC Investment Advisors.

ONTARIO, CALIF. – The 91-room Hampton Inn & Suites in Ontario has sold to I.O.W., LLC for an undisclosed sum. The hotel is located off Interstate 10 and sits adjacent to the Ontario Mills shopping center. The new owner plans to renovate the property. The seller, MLQ-MLL, LLC, was represented by Michael Blahosky of HREC Investment Advisors.