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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.