LOS ANGELES-SRO Housing Trust has acquired the 97-year-old,264-room Rosslyn Hotel in Downtown L.A. from the JHK Group for$12.1 million, Charles Dunn Co. reports. Eugene Page of Dunn's LosAngeles office, who represented the seller, describes the propertyat 112 W. 5th St. on Gallery Row as "a very special asset that hasbeen sensitively maintained and managed, which needed to find theright buyer."

After several false starts with different would-be purchasers,SRO Housing, which had eyed the property since summer 2007, closedon the deal. “This was a very difficult deal considering the frozenfinancial markets and the state of governmental finances,” Pagesaid. “It took someone with the heft and influence of SRO to putthe extraordinarily complex financing together to get this dealdone.”

Designed by architect John Parkinson, the building was situatedamidst the cultural hub of Downtown L.A. through the early 1920s.Lore has it that the tunnel also provided a discreet exit, ifneeded, from the Rosslyn’s bar during Prohibition.