LOS ANGELES — Chatham Lodging Trust has purchased the 134-room Hilton Garden Inn Marina del Rey for $44.5 million. The hotel is located at 4200 Admiralty Way in the Los Angeles submarket of Marina del Rey.
The property was converted from an independent hotel in June 2013 after an extensive renovation. The new owner says it will not need to make a major capital investment until 2020.
The hotel includes the Marina Bar & Grill; two meeting venues and rooms; suites and loft-style casitas with private patios; and an underground parking garage that serves hotel guests and local visitors.
Chatham funded the purchase through the assumption of a $22.6 million loan that carries an interest rate of 4.68 percent and matures in July 2024. The balance was financed with available cash and borrowings on the company’s revolving credit facility.
The hotel is subject to a long-term ground lease that matures in December 2067. Island Hospitality Management will manage the hotel.