Among
the noteworthy deals of the past week was Land and Houses USA's acquisition of
the Residence Inn Los Angeles LAX/Manhattan Beach for $68 million.
MANHATTAN BEACH, California — Campbell, California-based
Land and Houses USA purchased the 176-key Residence Inn Los Angeles
LAX/Manhattan Beach from Westwood, California-based Washington Holdings for $68
million (or $386,364 per key).
The two-story hotel was built in 1985 and renovated in 2012.
JLL represented the seller.
Twenty Four Seven Hotel will manage the hotel, according to a LinkedIn post.
Hotel sales volume has fallen in California by 56%
year-over-year, according to data from Atlas Hospitality Group. In Los Angeles
County, hotel sales volume has declined by more than 55% year-over-year while
total dollar volume spent decreased by 36% YOY.
To download our list of deals from the past week in Excel
format, click here.