The developer plans to reposition the hotel, located at 1819Ocean Ave. into an upscale boutique property, says Louis Stervinou,managing director of Colliers International Hotel Realty, whichrepresented both parties in the transaction. "Elkor will renovatethe property significantly," Stervinou tells GlobeSt.com,estimating that more than $10 million will be spent on remodelingwork.
Elkor currently owns and operates several other boutiqueproperties, including the Avalon Hotel and Maison 140, both locatedin Beverly Hills.
The San Francisco offices of Colliers International Hotel Realtyrepresented Elkor and the seller, San Clemente-based Sunstone HotelInvestors LLC.
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