One of the largest hotels in the heart of downtown Los Angeles has sold for roughly $115 million. Private equity firm Blackstone Group sold the 469-room Los Angeles Marriott Downtown to LA Hotel Venture. Jones Lang LaSalle Hotels represented the seller in the transaction.
“Downtown Los Angeles is experiencing steady growth with RevPAR up almost 13% in 2006,” says Arthur Adler, managing director and CEO of Jones Lang LaSalle Hotels’ American division.
“Following a renovation, this first class hotel could drive RevPAR in excess of its competitive set and continue to operate as one of the best performing downtown hotels [in Los Angeles].”