Los Angeles

The trend toward more experiential real estate properties has hit retail, office and multifamily, and now hospitality is being redefined.

The deal with the social media web and mobile application company brings pre-leasing at the mixed-use campus to nearly 60%.

These transactions are particularly popular for retailers looking to unlock capital tied up in real estate as an alternative to financing.

The respective properties were acquired through a newly formed joint venture among a wholly-owned subsidiary of Summit, a real estate holding company, and a global institutional asset management firm. The properties will be leased back to the seller on a triple-net basis.

Los Angeles hotels are in for another strong year of occupancy and rate gains, with revPAR expected to outpace the national rate.

California is still a top market, despite its maturity, along with Western US secondary markets that show signs of growth.