LaSalle Buys $37M Graciela Hotel

The adjacent parcel of land was acquired by former owner Pass Avenue Associates LLC for an expansion that would include an outdoor swimming pool, a full-service restaurant, a spa and a fitness center, according to City of Burbank documents. Some parts of the expansion would be open to the public and others would be for guests only, according to the city documents.

The four-story building features two restaurants, 1,400 sf of indoor meeting space, 840 sf of rooftop function space, a 107-space underground parking garage, a 24-hour business center and a fitness center. The hotel is across the street from Warner Bros. Studio Ranch and close to Universal Studios, Disney Studios, NBC and ABC.

The hotel sale was brokered by John Strauss of the Los Angeles office of Jones Lang Lasalle. LaSalle Hotel Properties, a Bethesda, MD-based REIT, says that the property will be managed by Encino-based Outrigger Lodging Services. Outrigger also manages LaSalle Hotel Properties' three West Hollywood hotels: Le Montrose Suite Hotel, Grafton on Sunset and Le Parc Suite Hotel.

The Burbank city documents note that because the proposed expansion on the adjacent parcel would include a new fitness center for use by hotel guests. "The existing fitness center on the top floor of the existing hotel building would be converted to a hotel guest room, increasing the total number of hotel rooms to 100," according to a city report when the former owner applied for entitlements for the expansion.