The LAX Radisson is situated in the heart of the Los Angeles International Airport submarket at the intersection of West Century and Sepulveda boulevards. It features approximately 42,000 sf of meeting space and is home to one of the largest ballrooms in the LAX submarket, measuring close to 14,000 sf.

The property includes four restaurants and bars, an outdoor pool and retail tenants. Under the new ownership, Chicago-based Portfolio Hotels & Resorts will assume management company responsibilities following the closing, according to Jeremie Babinet, a vice president with Jones Lang LaSalle Hotels.

Strauss points out that the LAX hotel market has performed extremely well in recent years with occupancies for the major hotels topping 80% and average rates up close to 10% year-to-date through the third quarter. The LAX Radisson deal follows several others in the airport area submarket this year, including the sale this past summer of the 405-room Holiday Inn Los Angeles International Airport to an affiliate of New York City-based McSam Hotel Group LLC.

In another LAX submarket sale of a full-service property that closed early this year, Sunstone Hotel Investors Inc. of San Clemente spent about $130,000 per room to acquire the 499-room LAX Renaissance hotel, a newly renovated property close to the Los Angeles International Airport. The San Clemente-based REIT acquired the hotel from Chicago-based Walton Street Capital at one of the highest prices ever paid per room in the Los Angeles International Airport submarket. Nonetheless, that price was still well below replacement cost, according to market sources.