Steve Patel, Northridge-based managing director of Coldwell Banker Commercial Hospitality Group's Western Region, tells GlobeSt.com that the new owner plans to re-flag the property--which was originally a Howard Johnson's and then a Hilton before switching to the Radisson name--with one of the Marriott brands. Patel, who represented both the buyer and the seller, says the hotel's location at 15433 Ventura Blvd. is one of the premier spots in the valley for a hotel.

Patel points out that it is in the heart of the San Fernando Valley, minutes away from Universal Studios Hollywood and the Getty Center, as well as close to myriad shopping and dining choices. The location is at the intersection of the 405 and 101 freeways, midway between the San Fernando Valley, Downtown Los Angeles and Westside Los Angeles. The property is next door to the newly re-opened Sherman Oaks Galleria shopping and office center, which includes the 4,000-seat stadium-style Pacific Theater complex.

The Radisson Valley Center Hotel was built in 1964 and had been owned by the seller ever since. It runs at about the mid-60% range in occupancy, according to Patel, and posts RevPAR of approximately $100.

Patel notes that the hotel property includes a parking garage with more than 340 spaces as well as meeting room and banquet facilities. The property drew multiple offers and closed at more than $100,000 per room, well above the average of approximately $57,000 per room for hotel sales in Los Angeles County over the past year, according to industry reports. One reason for buyer interest, Patel says, is that the hotel is in a location with high barriers to entry. The San Fernando Valley is already densely developed so few sites are available for hotel development in the heart of the valley.