DIAMOND BAR, CA-New owners have paid approximately $21 million for two hotels totaling 453 rooms here and near the Los Angeles International Airport. In the Diamond Bar transaction, Oakcreek LLC and Castle Lights LLC, a local group that owns several other properties in Southern California, purchased the Holiday Inn Select, a 175-room hotel in the Gateway Corporate Center, from Southern Hospitality Group of Oklahoma City, OK. Terms of the sale were not disclosed, but industry sources believe the hotel sold for just north of $11 million. The transaction was brokered by Jordan L. Richman with the Hospitality Group of Grubb & Ellis’ West Los Angeles office. Richman originally sold the Diamond Bar hotel along with the Holiday Inn in Palmdale in 1992 for the FDIC during that recession.The 1990 hotel, which is located at 21725 E. Gateway Center Drive, has seen a few flag changes since its inception as a Days Inn to the current Holiday Inn Select brand. The new ownership plans to reach the burgeoning local Asian community through the hotel’s banquet and meeting facilities, Richman reports.In the airport area sale, Goodrich LAZ Ltd. of Alhambra bought the 278-room inn, which is one mile from Los Angeles International Airport. Bill Murney and Jeff Cunningham of the Phoenix office of CB Richard Ellis represented the seller, Sunburst Hospitality of Silver Springs, MD, with the buyers representing themselves. Quality Hotel LAX was built in 1972 and is located at 5249 W. Century Blvd.

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