Rosenfeld, who is the founder and CEO of Century City-based Woodridge Capital Partners, says that the buyers view the 19-story hotel as a "one-of-a-kind" property. He cites its location in the heart of Century City within walking distance of new luxury residential towers, the Westfield shopping center and 10 million sf of office complexes, including the recently completed 2000 Avenue of the Stars directly across the street.
Sunstone bought the hotel in 2005, launched a $36 million improvement program and installed Global Hyatt as the operator. Rosenfeld says that the new owners' plan for the property will be to "expand its appeal to the growing entertainment industry now based in Century City...as well as to business travelers, affluent shoppers and international visitors."
Hyatt will continue to operate the hotel, which opened in 1966 and sits on 5.75 acres at 2025 Avenue of the Stars. The property has extensive gardens as well as four outdoor swimming pools with private cabanas, a 20-room spa and several restaurants.
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