The Marina del Rey Hotel and Marina, at 13534 Bali Way, includes seven meeting rooms, a restaurant and lounge, an outdoor swimming pool, a gift shop and ample parking, according to Pacifica, which says it will renovate and reposition the property as a boutique, urban resort.
The Marina International Hotel & Bungalows is at 4200 Admiralty Way. It includes two meeting rooms, a casual restaurant and bar, an outdoor swimming pool, a gift shop and generous parking. Pacifica plans to refurbish the guest rooms, bungalows and public spaces, including the existing restaurant, the pool and exercise areas.
Terms of the sales of the two properties and their prices were not disclosed. Industry sources tell GlobeSt.com that the seller was Al Answar of Saudia Arabia.
Marina del Rey has been a popular oceanfront locale on the Westside of Los Angeles for years, but Beazley comments that Pacifica believes the Marina area is entering a new phase in which it will become "a major stand-alone destination" for visitors to Southern California as well as local residents. The area was originally developed in the 1960s and has recently attracted lodging, residential and retail developers who have already invested an estimated $1.5 billion into property upgrades, with more renovations on the horizon, Pacifica points out.
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