LOS ANGELES — The Hilton Checkers Hotel, a boutique hotel located at 535 S. Grand Ave. in downtown Los Angeles, has sold for $46 million. Built in the 1920s, the 12-story property is the only four-diamond hotel in downtown Los Angeles. It contains 188 rooms, five indoor meeting areas, one outdoor meeting area, an award-winning restaurant, a spa and a lounge. It under went significant renovations in 2008.
The buyer was Chesapeake Lodging Trust, a recently launched, Maryland-based real estate investment trust. The sellers were an affiliate of Tarsadia Hotels and 535 Grand Avenue LLC. Jordan Richman of Grubb & Ellis' Hotels, Golf & Leisure practice group represented both parties in the sale, with assistance provided by Felix Cacciato of Hotel Equity Advisors. Richman also brokered the previous sale of the hotel to Tarsadia in 1999.
“This transaction is a good indication that the region's hotel market is beginning to turn after the economic downturn, which is a welcome reprieve,” said Richman in a statement.