According to Yubin Tao, a senior associate with IREA who represented the seller, the price reflected the buyer's belief in the long term value of the asset. "There was a strong motivation by both the buyer and the seller in wanting to consummate a deal, which really helped to foster a good price for the property," Tao says.
Tao declined to name the seller, citing confidentiality agreements, but published reports and industry sources list the seller as Namco Capital Group, a Los Angeles-based investment firm. The buyer was represented by vice presidents Clark and William Everitt of IREA along with associate James Bekker. The new owner is a Southern California-based private investor who specializes in hospitality properties.
The hotel was built in 1973 and for many years was a Holiday Inn before its name was changed to Hotel Angeleno when it was completely renovated and remodeled in 2006. It is managed by San Francisco-based Joie de Vivre, which manages boutique hotels, restaurants and spas throughout California.
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